Which of the Following Accounts Will Be Closed by Debiting

question 29

Multiple Choice

Which of the following accounts will be closed by debiting the Income summary account?

• A)Accounts payable
• B)Depreciation expense
• C)Service revenue
• D)Accumulated depreciation

Comprehend the epidemiology of suicide, including rates among different age groups and ethnicities.

Recognize the common signs and signals that may indicate suicidal intentions.

Understand biological explanations for mood disorders and the role of neurotransmitters.

Distinguish between different types of hallucinations and their prevalence.

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Definitions:

Operating Leverage

A measure of how sensitive a company's operating income is to a change in its revenues, indicating the proportion of fixed costs in the company's cost structure.

Contribution Format Income Statement

An income statement format that separates fixed costs from variable costs, thus showing the contribution margin.

Degree of Operating Leverage

A financial ratio that measures the sensitivity of a company's operating income to its sales, indicating how revenue growth translates into growth in operating income.

Variable Expenses

Costs that change in proportion to the level of business activity or production volume.