Which Account Bypasses the Income Summary Account in the Closing

question 11

Multiple Choice

Which account bypasses the Income Summary account in the closing process?

• A) Revenue from Services
• B) Depreciation Expense-Building
• C) Dividends
• D) Wages Expense

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Definitions:

Large Businesses

Enterprises or corporations that operate on a large scale in terms of revenue, employees, and market impact, often influencing their industry or sector significantly.

Corporation

A legal entity distinct from its owners, with its own rights, privileges, and liabilities.

Owned

Referring to assets or properties that are legally possessed by an individual or entity.

Partnership

A legal form of business operation between two or more individuals who share management and profits.