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:

Manufacture

The process of producing goods on a large scale using labor, machines, tools, and chemical or biological processing.

Demand Curves

A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.

Supply Curves

Graphical representations showing the relationship between the price of a good and the quantity of the good that suppliers are willing to offer for sale.

Market Equilibrium

A condition in which the supply of a good matches demand, leaving neither surplus nor shortage in the market.