The Attributes of an Entity Become the _____ in the Table

question 45

Multiple Choice

The attributes of an entity become the _____ in the table.

• A) records
• B) columns
• C) rows
• D) tuples

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Definitions:

Income Summary

An account used during the closing process to summarize the year's revenues and expenses before determining and transferring the period's net income or loss to owner's equity.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Income Summary

Income summary is an account where revenues and expenses are accumulated to calculate net income or loss for a specific period before transferring to the capital account.