The Income/loss Agreement Was Ignored When Closing the Income Summary

question 111

Multiple Choice

The income/loss agreement was ignored when closing the income summary and all income was distributed evenly.This error would cause:

• A)the total owner's equity to be overstated.
• B)the total owner's equity to be understated.
• C)the total owner's equity to be unaffected.
• D)the ending assets to be overstated.

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Definitions:

Psychotherapy

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