The Entry to Close the Expense Accounts Includes a

question 166

Multiple Choice

The entry to close the expense accounts includes a

• A)debit to Income Summary for ₤3,400.
• B)credit to Rent Expense for ₤1,000,
• C)credit to Income Summary for ₤3,600.
• D)debit to Wages Expense for ₤2,000.

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Definitions:

Straight Voting

Straight voting, also known as plurality voting, is a voting system where each shareholder votes once per share owned for each board of director position, without accumulation of votes.

Board of Directors

A group of individuals elected to represent shareholders and make key decisions regarding the company's management and policy.

Dividend Yield

Dividend yield is a financial metric indicating the annual dividend payout of a company as a percentage of its share price.

Earnings per Share

A financial metric that calculates the portion of a company's profit allocated to each outstanding share of common stock, serving as an indicator of the company's profitability.