Net Income for the Current Period Is Closed

question 97

Multiple Choice

Net income for the current period is closed:

• A)to the owner's withdrawals account.
• B)to the owner's capital account.
• C)to the cash account.
• D)to the income summary account.

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Definitions:

Dethronement

In psychoanalytic theory, the process by which a child's status is changed or diminished, often due to the arrival of a sibling.

Charles E. Spearman

An early 20th-century British psychologist known for his work in statistics and intelligence, including the development of factor analysis and the concept of a general intelligence factor, g.

Formal Training

Education or instruction in a specific field or profession, typically provided in a structured and systematic way by an educational institution or organization.

B.F. Skinner

An American psychologist and behaviorist who developed the theory of operant conditioning, regarding how behavioral responses can be reinforced by rewards or discouraged by punishments.