Which of the Following Accounts Will Be Closed by Debiting

question 56

Multiple Choice

Which of the following accounts will be closed by debiting the Income summary account?

• A) Depreciation expense
• B) Accounts payable
• C) Service revenue
• D) Accumulated depreciation

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Definitions:

World System Theoretical

A framework in sociology and history that suggests the world is interconnected through economic and political relations, with a focus on the division between core, semi-peripheral, and peripheral nations.

Globalization Development

involves the processes that increase the connectivity and interdependence of the world's markets and businesses, influencing social, economic, and political systems.

Absolute Poverty

A state defined by the extreme lack of essential human requirements such as food, clean drinking water, hygiene services, healthcare, housing, education, and access to information.

Relative Poverty

A condition where a person lacks the minimum amount of income needed in order to maintain the average standard of living in the society in which they live.