Which of the Following Accounts Has an Ending Balance Equal

question 148

Multiple Choice

Which of the following accounts has an ending balance equal to net income immediately before it is closed?

• A) Income Summary
• B) Dividends
• C) Net Income
• D) Retained Earnings

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Definitions:

Collectively owns

The state of ownership where assets or properties are held in common by a group rather than individuals.

State/welfare capitalism

An economic system where the state plays a significant role in protecting and promoting the economic and social well-being of its citizens, often through extensive social services, and public policies aimed at wealth distribution.

Socialism

An economic and political system where the means of production, distribution, and exchange are owned or regulated by the community as a whole.

Part-time workers

Individuals who work fewer hours than the standard full-time employment, often resulting in less income and fewer benefits.