Which of the Following Is a True Statement About Closing

question 98

Multiple Choice

Which of the following is a true statement about closing the books of a corporation?

• A)Expenses are closed to the Expense Summary account.
• B)Only revenues are closed to the Income Summary account.
• C)Revenues and expenses are closed to the Income Summary account.
• D)Revenues, expenses, and the dividends account are closed to the Income Summary account.

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Definitions:

Dominant Response Tendency

The inclination to respond in the most familiar or likely way in any given situation, especially under stress or pressure.

Objective Power

Refers to the actual, measurable ability of an individual, group, or organization to influence or control the actions of others, regardless of perceptions.

Deindividuation

A psychological state characterized by decreased self-awareness and a diminished sense of personal responsibility, often occurring in group settings.

Social Loafing

The phenomenon where individuals exert less effort to achieve a goal when they work in a group than when they work independently.