The Income Statement for the Year 2010 of Poole Co

question 96

Multiple Choice

The income statement for the year 2010 of Poole Co. contains the following information: The entry to close Income Summary to Poole, Capital includes

• A) a debit to Revenue for $70,000.
• B) credits to Expenses totalling $73,500.
• C) a credit to Income Summary for $3,500.
• D) a credit to Poole, Capital for $3,500.

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Definitions:

Internal Auditor

A professional within an organization responsible for evaluating the effectiveness of its risk management, control, and governance processes.

Financial Practices

The policies, procedures, and strategies managing financial operations and planning in a business or organization.

Regulations

Rules or directives made and maintained by an authority to regulate behavior or processes.

Government Accountant

A professional specializing in managing and auditing the financial transactions and practices of government agencies and entities.