After Closing the Revenue and Expense Accounts,Income Summary Showed a Debit

question 24

Multiple Choice

After closing the revenue and expense accounts,Income Summary showed a debit balance of $2,000.Which of the following statements is true?

• A)The company had a net loss of $2,000.
• B)The company had a net income of $2,000.
• C)The company's cash increased $2,000.
• D)None of these answers are correct.

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Definitions:

Idealized Influence

Idealized Influence is a leadership approach where leaders become role models who inspire trust and admiration through their actions and ethics.

Attributional Components

The aspects of a person's cognitive process by which they interpret events and behaviors as being caused by particular factors.

Behavioral Components

Elements that constitute the actions or reactions of individuals in response to external or internal stimuli.

Transformational Leadership

A leadership approach that fosters positive changes in those who follow, often through a leader’s enthusiasm, passion, and energy to inspire and motivate towards broader goals.