Which of the Following Accounts Should Be Closed to Income

question 114

Multiple Choice

Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

• A)Salaries Expense
• B)Fees Earned
• C)Utilities Expense
• D)All of the above are correct

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Definitions:

Collateral Labour Markets

Secondary or peripheral segments of the labour market characterized by lower job security, lower wages, and less formal employment structures.

Unions

Are organizations of workers that seek to defend and promote their members’ interests.

Communism

A political and economic ideology advocating for a classless society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

Classless Society

An ideal society in which there is no division or class stratification among its members, implying equality in terms of status, wealth, and power.