Which of the Following Statements About Closing the Accounts Is

question 20

Multiple Choice

Which of the following statements about closing the accounts is NOT true?

• A) Revenue accounts are debited.
• B) Depreciation account is credited.
• C) A net loss is credited to the retained profits account.
• D) Income accounts are debited.

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Definitions:

Time-Driven Activity-Based Costing

A costing method that assigns costs to products or services based on the time resources are utilized and the cost of those resources.

Tech Support Department

A division within a company that provides technical assistance and support to customers or internal users of technology products or services.

Capacity Analysis

An assessment process to determine the maximum level of output or production a company can sustain with its current resources.

Time-Driven Activity-Based Costing

A method of costing that assigns costs to products or services based on the time-consuming activities they require, incorporating both variable and fixed costs.