Which Account Has a Balance Equal to Profit Immediately Before

question 42

Multiple Choice

Which account has a balance equal to profit immediately before it is closed?

• A)The Income summary account
• B)The Drawings account
• C)The Capital account
• D)The Profit account

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Definitions:

Acceptance

An act of agreeing to an offer, thereby creating a binding contract between the parties involved.

Breach of Contract

The lapse in fulfilling any term of a contract, whether documented or spoken, lacking a valid legal reason.

Professional Baseball Player

An athlete who plays baseball for remuneration and is often affiliated with a team or league.

Negotiated

The process of discussing and arriving at a mutually acceptable agreement between two or more parties.