The Income Summary Account Is Used To

question 186

Multiple Choice

The Income Summary account is used to:

• A)Adjust and update asset and liability accounts.
• B)Close the revenue and expense accounts.
• C)Determine the appropriate dividend amount.
• D)Replace the income statement under certain circumstances.
• E)Replace the Retained earnings account in some businesses.

---

Definitions:

Cardiovascular Problems

Health issues related to the heart and blood vessels, including coronary artery disease, hypertension, heart attack, and stroke.

Early Childhood

A developmental stage that typically refers to the period from birth to 8 years old, focusing on physical, cognitive, and emotional growth.

Structured Exercise Program

A planned, organized, and repetitive physical activity regimen designed to improve or maintain one's physical fitness.

Adolescence

The transitional stage of physical and psychological development that occurs between childhood and adulthood, characterized by significant growth and change.