The Most Efficient Way to Accomplish Closing Entries Is to

question 133

Multiple Choice

The most efficient way to accomplish closing entries is to

• A) credit the income summary account for each revenue account balance.
• B) debit the income summary account for each expense account balance.
• C) credit the dividends balance directly to the income summary account.
• D) credit the income summary account for total revenues and debit the income summary account for total expenses.

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Definitions:

Disequilibrium Principle

A concept in economics and game theory where participants' strategies are not in perfect balance, leading to changing strategies over time.

Disequilibrium Principle

A concept in cognitive psychology suggesting that learning occurs when existing knowledge is challenged by new information, leading to cognitive growth.

Premack Principle

The Premack Principle is a psychological concept that states a more preferred activity can be used as a reward to reinforce the performance of a less preferred activity.

Spanking

A form of corporal punishment that involves hitting the buttocks of another person to cause physical pain, typically used as a disciplinary measure.