The Income Summary Account Is Used to

question 102

Multiple Choice

The Income Summary account is used to

• A) close the revenue accounts only.
• B) close the revenue accounts and expense accounts only.
• C) close the drawing account.
• D) close revenue accounts and expense accounts and update the owner's capital account.

---

Definitions:

Core Values

Fundamental beliefs and principles that guide an organization's actions and decisions.

Customer Service

The support and assistance provided by a company to those who buy or use its products or services, aimed at ensuring customer satisfaction.

Core Values

Fundamental beliefs or principles that are central to an organization's identity and guide its conduct.

Beliefs

Deeply held convictions or acceptances that something is true or exists, significantly influencing behavior and outlook.