The Balance in the Income Summary Account Before It Is

question 19

Multiple Choice

The balance in the income summary account before it is closed will be equal to

• A) the net income or loss on the income statement.
• B) the beginning balance in the retained earnings account.
• C) the ending balance in the retained earnings account.
• D) zero.

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Definitions:

Orange Stick

A tool made from orange wood used in manicures and pedicures to push back cuticles and clean nails.

IV

Intravenous, a method of delivering medication or fluids directly into a vein.

Bath Blanket

A lightweight blanket often used in hospitals to cover patients during baths to maintain privacy and warmth.

Gown

A piece of clothing typically worn in medical or surgical settings for cleanliness and to minimize exposure to hazards.