To What Account Is the Balance in the Income Summary

question 79

Multiple Choice

To what account is the balance in the Income summary account closed?

• A)The Capital account
• B)The Drawings account
• C)The Profit account
• D)The Revenue account

Identify the factors influencing the success of strikes.

Recognize the largest umbrella organization for national unions in the United States.

Describe the various types of bargaining used in contract negotiations.

Understand the concept of operationalizing research concepts.

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Definitions:

Compounds Interest Annually

The calculation of interest on the initial principal, which also includes all accumulated interest from previous periods on a loan or deposit, done once a year.

Checking Account

A bank account that allows for the deposit and withdrawal of funds and is typically used for day-to-day transactions.

Pays Bills Online

The process of using internet banking or payment platforms to settle invoices or bills.

Compounded Daily

Describes the method by which interest is calculated on an investment or loan with the earned interest being added to the principal daily for future interest calculations.