The Entry to Close Income Summary (Net Loss) Was Entered

question 85

Multiple Choice

The entry to close Income Summary (net loss) was entered in reverse-Income Summary was debited and Capital was credited. This error will cause:

• A) Income Summary to have a credit balance.
• B) Income Summary to have a debit balance.
• C) the assets to be overstated.
• D) the liabilities to be understated.

---

Definitions:

Population Standard Deviation

A measure of the dispersion or spread of a set of data points in a population dataset.

Confidence Interval

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter with a certain level of confidence.

Population Mean

The average of all observations or scores in a population.

Confidence Level

The probability that a confidence interval will contain the true population parameter.