Which of the Following Accounts Will Be Closed by Debiting

question 132

Multiple Choice

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

• A) Owner, Capital
• B) Service Revenue
• C) Accounts Receivable
• D) Salaries Expense

Understand the prevalence and risks associated with low birth weight and premature infants.

Recognize the importance of sensory experiences and states of arousal for newborns.

Identify strategies and interventions to support the development of low-birth-weight and preterm infants.

Understand the basic components of a categorical proposition.

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Definitions:

Fair Value Method

An accounting approach where assets and liabilities are reported at their prices that would be received to sell an asset or paid to transfer a liability.

Cost Method

An accounting method where investments are recorded at their acquisition cost without considering market value changes unless a permanent decline in value has occurred.

Amortization

The process of gradually writing off the initial cost of an intangible asset over a period.

Equity Method

An accounting technique used to record investments in other companies, where the investment is adjusted for the investor’s share of the investee’s profits and losses.