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:

Biceps Femoris

A muscle of the thigh part of the hamstring group, important in knee flexion and leg rotation.

Dorsiflexes

The action of moving the foot upward towards the shin, engaging muscles in the anterior part of the leg.

Tibialis Anterior

A muscle located in the front part of the lower leg, responsible for dorsiflexion and inversion of the foot.

Inverts

Informal term for invertebrates, which are animals that do not have a backbone or spinal column.