Medicare, Part B Premiums Are

question 51

Multiple Choice

Medicare, Part B premiums are

• A)quite high relative to private insurance would charge.
• B)just above what private insurance would charge.
• C)in line with what private insurance would charge.
• D)quite low relative to private insurance would charge.

Understand the concept and purpose of closing entries in the accounting cycle.

Identify and explain the steps involved in preparing closing entries.

Demonstrate how to close revenue and expense accounts to the Income Summary account.

Explain the role of the Income Summary account in the closing process.