If a Business Has a Net Loss for a Fiscal

question 17

Multiple Choice

If a business has a net loss for a fiscal period, the journal entry to close the Income Summary account is:

• A)a debit to Capital and a credit to Drawing.
• B)a debit to Income Summary and a credit to Fees Income.
• C)a debit to Income Summary and a credit to Capital.
• D)a debit to Capital and a credit to Income Summary.

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Definitions:

External Attributions

The process of explaining an individual's behavior by ascribing it to causes outside the individual, such as environmental or situational factors.

Internal Attributions

The inference that a person's behavior is caused by their personality, disposition, or character rather than external factors.

Consistency

The quality of achieving a level of performance which does not vary greatly in quality over time.

Distinctiveness

refers to the feature or quality that makes a person or thing unique or different from others.