After Closing the Revenue,expense,and Withdrawal Accounts,the Capital Increased by $2,000

question 31

Multiple Choice

After closing the revenue,expense,and withdrawal accounts,the capital increased by $2,000.Which of the following situations could have occurred?

• A)The company had a net income.
• B)The owner invested an additional amount.
• C)The owner made a withdrawal.
• D)All of these answers are correct.

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Definitions:

Past Cost Data

Historical financial information on the costs associated with production, operations, or projects, used for planning and analysis.

Technology

The application of scientific knowledge for practical purposes, especially in industry.

Production Methods

Various techniques and processes used in the creation of goods and services, ranging from manual labor to advanced manufacturing technologies.

Standard Cost Systems

Accounting systems that use standards for each element of manufacturing cost entering into the finished product.