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:

Continental Drift

The theory that continents move across the Earth's surface over geologic time, leading to the formation and separation of land masses.

Tectonic Plates

Massive, irregularly shaped slabs of solid rock that make up Earth's lithosphere, moving and interacting at their boundaries.

Transitional Links

Evidence of evolution, typically fossils, that bear a resemblance to two groups that in the present day are classified separately.

Archaeopteryx

An extinct dinosaur species known for having features of both birds and reptiles, considered a key piece of evidence in the evolution of birds.