The Entry to Close the Expense Account(s) Was Entered in Reverse-Income

question 58

Multiple Choice

The entry to close the expense account(s) was entered in reverse-Income Summary was credited and the expense account(s) was/were debited. The result of this error is that

• A) before closing it, Income Summary will have a credit balance.
• B) before closing it, Income Summary will have a debit balance.
• C) the assets will be overstated.
• D) the liabilities will be overstated.

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Definitions:

Dimensional Approach

A method of understanding or categorizing phenomena on a continuum rather than as binary opposites or in discrete categories.

Maladaptiveness

A characteristic of certain behaviors or traits that are counterproductive or ineffective in achieving desired outcomes in a given context.

95th Percentile

A statistical measure indicating that 95% of the data points fall below this value, often used to identify outliers or set benchmarks in various fields.

Narcissism

A personality trait characterized by an excessive focus on oneself, a need for admiration, and often a lack of empathy for others.