The Income Summary Account Is Used

question 18

Multiple Choice

The Income Summary account is used:

• A)To adjust and update asset and liability accounts.
• B)To close the revenue and expense accounts.
• C)To determine the appropriate dividend amount.
• D)In some situations to replace the income statement.
• E)To replace the retained earnings account in some businesses.

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Definitions:

Health

A state of complete physical, mental, and social well-being, not merely the absence of disease or infirmity.

Biological

Pertaining to the science of life or living organisms, encompassing their structure, function, growth, origin, evolution, and distribution.

Behavioral

Pertaining to the actions or reactions of persons or things in response to external or internal stimuli.

Psychological Remedies

Treatments or interventions aimed at resolving mental health issues through therapeutic means rather than medical or surgical.