Which of the Following Accounts Should Be Closed to Income

question 37

Multiple Choice

Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

• A) Service Revenue
• B) Equipment
• C) Prepaid Insurance
• D) Unearned Rent

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Definitions:

Work Tasks

Specific duties or assignments that are part of an individual's job role, contributing to the overall objectives of the workplace.

Raw Materials

are the basic, unprocessed materials used as inputs for manufacturing, construction, or other industrial processes.

Secondary Sector

The secondary sector encompasses industries involved in the manufacturing and processing of raw materials into finished goods and products.

Tertiary Sector

The segment of the economy that provides services rather than producing goods, including sectors like retail, education, and health care.