Which of the Following Transactions Could Cause the Income Summary

question 41

Multiple Choice

Which of the following transactions could cause the Income Summary account to be debited and Capital to be credited?

• A) The business earned a net loss for the period.
• B) The business earned a net income for the period.
• C) Closed the Owner's Capital account
• D) A credit balance in the Owner's Withdrawals account

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Definitions:

System Information

Data and details regarding the hardware and software environment of a computing device.

Memory Diagnostics

Tools or tests used to check and diagnose problems with computer memory (RAM), ensuring it's functioning correctly.

Task Manager

A Windows-based utility that displays memory and processor usage data and also displays currently loaded applications as well as currently running processes.

Device Manager

A Windows system utility that displays all installed hardware devices and allows users to manage their drivers and properties.