The Entry to Close the Expense Account(s) Was Entered in Reverse-Income

question 111

Multiple Choice

The entry to close the expense account(s) was entered in reverse-Income Summary was credited and the expense account(s) was/were debited. The result of this error is that:

• A) before closing it, Income Summary will have a credit balance.
• B) before closing it, Income Summary will have a debit balance.
• C) the assets will be understated.
• D) the liabilities will be understated.

Understand the concept and components of the cash-to-cash cycle in business operations.

Recognize the role of financial analysis, including ratio analysis, in business decision-making.

Understand the principles of accounting systems and their importance in business management.

Identify the significance of separating personal and business finances.

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