The Income Summary Account Is Used

question 18

Multiple Choice

The Income Summary account is used:

• A)To adjust and update asset and liability accounts.
• B)To close the revenue and expense accounts.
• C)To determine the appropriate dividend amount.
• D)In some situations to replace the income statement.
• E)To replace the retained earnings account in some businesses.

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Definitions:

Feelings Of Inadequacy

Emotional states reflecting a lack of confidence or belief in one's own abilities or worth.

Infantile Thoughts

Primitive or early-stage cognitive processes often associated with or characteristic of infancy and early childhood.

Unconsciously

Without conscious awareness, done automatically or without intentional control.

Behaviors

Actions or reactions of an organism, often in response to its environment, which can be observed and measured.