The Income Summary Account Is Used To

question 12

Multiple Choice

The Income Summary account is used to:

• A) Determine the appropriate withdrawal amount.
• B) Adjust and update asset and liability accounts.
• C) Replace the capital account in some businesses.
• D) Replace the income statement under certain circumstances.
• E) Close the revenue and expense accounts.

---

Definitions:

Unified Protocol

A type of cognitive-behavioral therapy that's transdiagnostic, designed to treat a range of emotional disorders by targeting common underlying factors.

David Barlow

An influential psychologist known for his research and contributions to the understanding and treatment of anxiety disorders.

Cognitive Behavioral Therapy

A form of psychotherapy that treats problems by modifying dysfunctional emotions, behaviors, and thoughts through a goal-oriented, systematic procedure.

Family Systems Therapies

A branch of psychotherapy that focuses on treating individual problems within the context of family dynamics, recognizing the interdependence of family members.