The Balance in the Income Summary Account Before It Is

question 108

Multiple Choice

The balance in the Income Summary account before it is closed will be equal to

• A)the net income or loss on the income statement.
• B)the beginning balance in the retained earnings account.
• C)the ending balance in the retained earnings account.
• D)zero.

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Definitions:

Cognitive Explanations

Theories or accounts that explain human behavior and mental processes in terms of how people understand, think about, and interpret the world around them.

Depression

A common and serious medical illness that negatively affects how you feel, the way you think, and how you act, characterized by persistent feelings of sadness and/or a lack of interest in activities once enjoyed.

Negative Thinking

A cognitive pattern where individuals consistently anticipate the worst possible outcomes or view situations pessimistically.

Psychological Disorders

Patterns of behavioral or psychological symptoms that impact multiple areas of life and create distress for the person experiencing them.