Each of the Following Accounts Is Closed to Income Summary

question 53

Multiple Choice

Each of the following accounts is closed to Income Summary except

• A) Expenses.
• B) Dividends.
• C) Revenues.
• D) All of these are closed to Income Summary.

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Definitions:

Implied in Law Contract

A contract created by a court, not through an agreement between parties, but to avoid unjust enrichment or injustice.

Contract with Robert

An agreement made with an individual named Robert, specifying obligations and rights concerning a particular matter or transaction.

Enforcement of Promise

The act of ensuring that a promise, especially one formalized in a contract, is fulfilled according to its terms.

Alaska Supreme Court

The highest court in the state of Alaska, responsible for reviewing decisions made by lower state courts.