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:

Soft Drink

A non-alcoholic, flavored beverage that is typically carbonated.

Referent

The concrete object or specific thing that a word or phrase identifies or denotes.

Singer

An individual who performs vocally, using their voice to produce musical sounds and harmonies.

Vocalist

A person who sings or uses their voice as a musical instrument in performances.