To What Account Is the Balance in the Income Summary

question 58

Multiple Choice

To what account is the balance in the Income summary account closed?

• A)The Profit account
• B)The Capital account
• C)The Revenue account
• D)The Drawings account

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Definitions:

Emergency Responders

Individuals and teams trained to provide assistance during emergencies, including medical personnel, firefighters, and police officers.

911 System

An emergency telephone system that provides immediate access to police, fire, and medical services.

Social Computing

The use of computing technology to facilitate or enhance social interactions and communications.

Retailers

Businesses that sell goods or commodities directly to consumers, typically in small quantities.