Which of the Following Entries Will Be Necessary to Close

question 123

Multiple Choice

Which of the following entries will be necessary to close the appropriate depreciation account at the end of the year?

• A) Debit Accumulated depreciation and credit Income summary.
• B) Debit Depreciation expense and credit Income summary.
• C) Debit Income summary and credit Accumulated depreciation.
• D) Debit Income summary and credit Depreciation expense.

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Definitions:

Crisis Management

The process by which a business or organization deals with a disruptive and unexpected event that threatens to harm the organization or its stakeholders.

Formal Programs

Structured and officially sanctioned plans or initiatives designed to achieve specific goals within an organization, such as training employees or improving processes.

Nonprogrammed Decisions

Are created to deal specifically with a problem at hand.

Reordering Inventory

A management process that involves replenishing stock to ensure sufficient quantities are available to meet customer demands.