Which of the Following Accounts Will Be Closed by Crediting

question 150

Multiple Choice

Which of the following accounts will be closed by crediting the Income Summary account?

• A) Service Revenue
• B) Depreciation Expense
• C) Accounts Payable
• D) Accumulated Depreciation

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Definitions:

Shareholders

Individuals or entities that own one or more shares of stock in a corporation, giving them a portion of its ownership and sometimes rights to dividends and voting in corporate matters.

Hostile Takeover

An attempt by one company to acquire another without the agreement of the target company's management.

Market Value

The current price at which an asset or service can be bought or sold in the open market.

Stock

Equity units in a corporation, signifying a stake in the firm's profits and assets.