The Most Efficient Way to Accomplish Closing Entries Is to

question 12

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 owner's drawings 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:

Employment Discrimination

Unequal treatment of people on the basis of their race, gender, or religion, restricting their employment and earnings opportunities compared with others of similar productivity. Employment discrimination may stem from the prejudices of employers, customers, fellow employees, or all three.

Economic Theory

A set of definitions, postulates, and principles assembled in a manner that makes clear the “cause-and-effect” relationships.

Production Costs

The total expenses incurred in the manufacture of a product, including labor, materials, and overheads.

Personal Prejudices

Biases or preconceived opinions that individuals hold, which affect their attitudes, actions, and perceptions about other people or situations.