To Which of the Following Accounts Should the Balance in the Income

question 159

Multiple Choice

To which of the following accounts should the balance in the Income Summary account be closed?

• A) Dividends
• B) Net Income
• C) Retained Earnings
• D) Service Revenue

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Definitions:

HR Plans

Strategic blueprints developed by human resources to recruit, develop, and retain the workforce necessary for organizational objectives.

External Supply

The amount of resources or inputs (such as labor or raw materials) that an organization can obtain from the external environment.

Labour Relations

The study and practice of managing the relationship between employers and employees, including negotiation of collective bargaining agreements.

Regulatory Bodies

Organizations or agencies created to enforce compliance with laws, regulations, and standards in various industries.