The Normal Balance of Income Summary Is

question 34

Multiple Choice

The normal balance of Income Summary is:

• A) debit.
• B) credit.
• C) The account does not have a normal balance.
• D) It depends on the change of the inventory balance.

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Definitions:

Chief Justice

The presiding judge in the supreme court of many countries, or the principal judge of a particular court.

Conservative Economist

An economist whose work typically emphasizes free market policies, limited government intervention, and fiscal conservatism as means to achieve economic growth and stability.

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President Harry S. Truman’s program announced in 1947 of aid to European countries—particularly Greece and Turkey—threatened by communism.

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