Which of the Following Accounts Has a Balance Equal to Net

question 54

Multiple Choice

Which of the following accounts has a balance equal to Net Income immediately before it is closed?

• A)Income Summary
• B)Owner's Name, Withdrawals
• C)Net Income
• D)Owner's Name, Capital

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Definitions:

Sample Statistic

A numerical measure that describes an aspect of a sample taken from a population.

Population Parameter

A numerical value that summarizes a characteristic for the entire population.

Directional Hypothesis

A prediction specifying the expected direction of the relationship between variables, indicating either a positive or negative association.

Nondirectional Hypothesis

A hypothesis that predicts a relationship between variables but does not specify the direction of that relationship.