The Income Statement for the Month of June, 2018 of Camera

question 210

Multiple Choice

The income statement for the month of June, 2018 of Camera Obscura Enterprises contains the following information: The entry to close the revenue account includes a

• A) debit to Income Summary for $1,300.
• B) credit to Income Summary for $1,300.
• C) debit to Income Summary for $7,000.
• D) credit to Income Summary for $7,000.

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Definitions:

Controllable Expense Report

A financial report that highlights expenses which can be managed or influenced by decisions made by a company or department.

Actual Expenses

Expenses that have been paid out or actually incurred, as opposed to budgeted or projected expenses.

Budgeted Amounts

Financial projections or plans for future income, expenditure, and cash flow over a specific period.

Segmental Accounting Report

Financial reports broken down by specific parts of a company, such as divisions or departments, to assess performance of each separately.