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:

Full Consideration

The thorough examination of all aspects, implications, and viewpoints of an issue or decision.

Dominance Structuring

A method or process by which power, control, or precedence is established and maintained among elements or individuals within a system or group.

Risks And Benefits

The potential negative outcomes versus the advantageous outcomes that may arise from a particular decision or action.

Decision-Critical Attributes

Essential characteristics or factors that significantly influence the outcome of a decision-making process.