An Entry to ______Must Be Recorded at the End of the Year

question 5

Multiple Choice

An entry to ______must be recorded at the end of the year.

• A)Transfer Net Income into the Owner's Capital account
• B)Transfer Net Income into the Checking account
• C)Close the adjusting entries for prepaid expenses
• D)Write a check to the owner for the amount of Net Income

---

Definitions:

Convenience Products

Goods or services that are easy to obtain and meet the immediate needs of consumers.

Capital Items

Long-term assets acquired or used by a business to generate income and not intended for resale in the normal course of operation.

Symbolic Attributes

Symbolic attributes refer to the intangible qualities that imbue products or brands with meaning beyond their functional use.

Service Attributes

The inherent characteristics and features of a service that contribute to its value and quality from the perspective of the customer or user.