In a Partnership,the Entry to Close Net Income ________

question 69

Multiple Choice

In a partnership,the entry to close net income ________.

• A) increases assets
• B) increases liabilities
• C) decreases partners' capital accounts
• D) decreases the Income Summary account

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Definitions:

Circumstances

The conditions or facts affecting a situation, event, or action.

Recognition

The acknowledgment or appreciation of an individual’s achievements or an organization's success, often leading to increased motivation and morale.

Brand Image

Brand image is the perception that consumers have about a brand, shaped by experiences, associations, beliefs, and communications related to the brand.

Associations

are organized groups of people who share common interests, goals, or purposes and often work together to achieve these objectives.