How Is Income Summary Closed If the Company Had a Net

question 13

Multiple Choice

How is Income Summary closed if the company had a net income?

• A) Debit Capital; credit Income Summary
• B) Debit Income Summary; credit Capital
• C) Debit Capital; credit Withdrawals
• D) Debit Withdrawals; credit Capital

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Definitions:

Positive Social Psychology

Positive Social Psychology focuses on the study and application of positive thoughts, behaviors, and emotions in social contexts to enhance well-being and thrive in group or societal levels.

Positive Psychology

The scientific study of human strengths and virtues that enable individuals and communities to thrive.

Practical Social Psychology

The application of social psychological principles to practical issues and real-world problems to improve human interactions and society.

Remedial Social Psychology

An area of social psychology focused on understanding and addressing social problems and fostering positive social change.