The Income Summary Account

question 192

Multiple Choice

The income summary account

• A) is a permanent account.
• B) appears on the balance sheet.
• C) appears on the income statement.
• D) is a temporary account.

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Definitions:

Paternalist Ethos

A belief system advocating a hierarchical relationship between groups or individuals, whereby those in authority adopt a fatherly role of providing for and directing those under their care.

Hierarchical Society

A social system in which individuals are ranked one above the other according to status, authority, or some other criterion, creating layers of superiority and inferiority.

Sexual Exploitation

The abuse of a position of vulnerability, differential power, or trust for sexual purposes; this includes profiting monetarily, socially, or politically from the sexual exploitation of another.