Which of the Following Accounts Will Be Closed by Crediting

question 38

Multiple Choice

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

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

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Definitions:

Total Product

The aggregate quantity of output produced by an economic unit from a given set of inputs during a specific period of time.

Variable Cost

Costs that change in direct proportion to changes in a firm’s level of production.