Which of the Following Entries Is Necessary to Close the Appropriate

question 52

Multiple Choice

Which of the following entries is necessary to close the appropriate depreciation account at the end of the year?

• A) debit Accumulated Depreciation and credit Income Summary
• B) debit Depreciation Expense and credit Income Summary
• C) debit Income Summary and credit Accumulated Depreciation
• D) debit Income Summary and credit Depreciation Expense

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Definitions:

Brand Equity

The value and strength of a brand, measured by recognition, loyalty, and positive perceptions among consumers.

Parent Brand

The main or overarching brand under which individual products, services, or subsidiary brands are marketed.

Cannibalise Sales

A situation where a new product eats into the sales of other products within the same brand or company.