JOros Showed a Net Loss of $3,500

question 15

Multiple Choice

J.Oros showed a net loss of $3,500.The entry to close the Income Summary account would include a:

• A)debit to Oros,Capital,$3,500.
• B)debit to Income Summary ,$3,500.
• C)credit to Oros,Capital,$3,500.
• D)credit to Cash,$3,500.

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Definitions:

Efficiency

The ability to accomplish a job with minimum expenditure of time and resources.

Competitive Advantage

The unique attributes or capabilities a company has that enable it to outperform its competitors and generate greater value for its stakeholders.

Economic Value Added

A measure of a company's financial performance based on the residual wealth calculated by deducting cost of capital from its operating profit.

Clan Control

A management strategy that focuses on the role of shared norms, values, and beliefs in controlling behavior within organizations.