Which of the Following Accounts Should Be Closed to Income

question 37

Multiple Choice

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

• A) Service Revenue
• B) Equipment
• C) Prepaid Insurance
• D) Unearned Rent

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Definitions:

Market Research Project

A structured initiative that gathers information about consumers' needs and preferences in a specific market.

Problems

Issues or difficulties that need to be solved or dealt with, often requiring thought and action to overcome.

Symptoms

Indicators or signs of a condition, disease, or change in a situation.

Marketing Research

The process of gathering, analyzing, and interpreting information about a market, including product demand and consumer behavior.