Which of the Following Accounts Should Be Closed to Income

question 170

Multiple Choice

Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

• A) Inventory
• B) Accumulated Depreciation
• C) Dividends
• D) Cost of Goods Sold

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Definitions:

Consistent Measurement

Involves the use of precise and stable methods or instruments to obtain reliable data across different instances or over time.

Reliability

Consistency, either within a scale or over time.

Self-Report Measure

Questionnaires asking people to report on their own personalities, usually through rating themselves on a list of adjectives or statements.

Personalities

Refers to the individual differences in characteristic patterns of thinking, feeling, and behaving, encompassing various traits and tendencies.