How Is Income Summary Closed If the Company Had a Net

question 13

Multiple Choice

How is Income Summary closed if the company had a net income?

• A) Debit Capital; credit Income Summary
• B) Debit Income Summary; credit Capital
• C) Debit Capital; credit Withdrawals
• D) Debit Withdrawals; credit Capital

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Definitions:

Standard Deviation

A statistic that measures the dispersion or spread of a set of data points relative to its mean.

Normal Model

Another term for the normal distribution, a bell-shaped curve that represents the distribution of many types of data in statistics.

Mathematics Test

An examination designed to assess one's knowledge or proficiency in mathematics.

Normal Model

A statistical distribution that is symmetric and bell-shaped, describing how continuous data is distributed around the mean.