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:

Marketers

Professionals involved in the process of promoting, selling, and distributing a product or service to consumers.

Behavioral Economists

Scholars who examine how psychological, cognitive, emotional, cultural, and social aspects influence the economic choices made by individuals and institutions.

Preferences

The subjective tastes and desires of individuals or groups, influencing their choices among various goods, services, or outcomes.

Framing

The way information is presented to influence decision-making and judgment.