How Is Income Summary Closed If the Company Had a Net

question 13

Multiple Choice

How is Income Summary closed if the company had a net income?

• A) Debit Capital; credit Income Summary
• B) Debit Income Summary; credit Capital
• C) Debit Capital; credit Withdrawals
• D) Debit Withdrawals; credit Capital

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Definitions:

Discrimination Coefficient

A quantitative measure in statistics that assesses the discriminating power of a variable in differentiating between two or more groups.

Nonpreferred Workers

Employees or workforce segments considered less favorable for hiring, often due to biases or stereotypes, not necessarily related to their skills or abilities.

Wage Rate

An alternative expression for the compensation paid to an employee per unit of time worked, typically measured on an hourly basis.

Employment

The state of having paid work or the act of providing jobs for workers, contributing to an economy's labor force.