When There Is a Net Loss,the Entry to Close the Income

question 158

Multiple Choice

When there is a net loss,the entry to close the Income Summary account is debit

• A) Retained Earnings and credit Income Summary.
• B) Income Summary and credit Retained Earnings.
• C) Net Loss and credit Income Summary.
• D) Income Summary and credit Net Loss.

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Definitions:

Acculturation

The process by which individuals adapt to and adopt elements of a different culture, often through exposure or migration.

Cultural Modification

The process by which an individual's or group's culture changes due to contact with other cultures, technologies, or ideas.

Hypertension

A condition where the force of the blood against the artery walls is too high, often leading to health issues such as heart disease.

Prejudice and Discrimination

Biased attitudes towards individuals or groups based on preconceived notions and unfair treatment stemming from those biases.