To Which of the Following Accounts Should the Balance in the Income

question 44

Multiple Choice

To which of the following accounts should the balance in the Income Summary account be closed?

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

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Definitions:

Basic Poverty

A condition where individuals or families lack the financial resources to meet the minimum standards of living, often defined by basic necessities such as food, clothing, and shelter.

Homelessness

A state of not having a permanent place to live, often resulting in living on the streets, in shelters, or in temporary accommodations.

Substance Abuse

An overindulgence in and dependence on a drug or other chemical leading to effects that are detrimental to the individual's physical and mental health, or the welfare of others.

Lack of Education

The state or condition of having insufficient formal education, which can lead to challenges in employment, social mobility, and personal development.