The Most Efficient Way to Accomplish Closing Entries Is to

question 12

Multiple Choice

The most efficient way to accomplish closing entries is to

• A) credit the income summary account for each revenue account balance.
• B) debit the income summary account for each expense account balance.
• C) credit the owner's drawings balance directly to the income summary account.
• D) credit the income summary account for total revenues and debit the income summary account for total expenses.

Understand the role of attribution theories in interpreting behaviors.

Recognize the characteristics and motivations behind high achievement needs.

Understand the impact of extrinsic rewards on intrinsic motivation and behavior.

Comprehend the various theories of emotion and their implications.

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Definitions:

Activity-Based Costing

A method of accounting that identifies the activities in an organization and assigns the cost of each activity with resources to all products and services according to the actual consumption.

Manufacturing Overhead

Costs associated with the production process that are not directly tied to the product, including factory rent, utilities, and equipment depreciation.

Direct Labor-Hours

A measure of the total hours worked directly on the production of goods or services by employees.

Predetermined Overhead Rate

The predetermined overhead rate is a rate that is calculated before a period begins, used to allocate estimated overhead costs to cost objects based on a chosen activity base.