The Journal Entry to Close Expense Accounts Includes

question 81

Multiple Choice

The journal entry to close expense accounts includes

• A) debiting the expense accounts and crediting Income Summary.
• B) debiting Income Summary and crediting the expense accounts.
• C) debiting the expense accounts and crediting the owner's capital account.
• D) debiting the expense accounts and crediting the drawing account.

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Definitions:

Res Ipsa Loquitur

A legal doctrine that allows an inference of negligence to be drawn from the mere occurrence of certain types of accidents, without specific evidence of an act of negligence.

Subpoena Duces Tecum

A legal document requiring a person to produce documents or records for a court case.

Nonfeasance

The failure to perform an act that is required by law or duty, often resulting in liability if damages are caused by this inaction.

Malpractice

The failure of a professional to meet the standard of conduct that results in harm to another person, often used in context with medical professions.