Which of the Following Accounts Has a Balance Equal to Net

question 23

Multiple Choice

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

• A)Income Summary
• B)Owner,Withdrawals
• C)Net Income
• D)Owner,Capital

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Definitions:

Grouped Data

Data that has been organized into categories, classes, or intervals, often to simplify analysis and find frequency distributions.

Ungrouped Data

Data that has not been organized into groups or categories and is presented in raw form.

Introverted

A personality trait characterized by a preference for solitary activities and environments, where energy is derived from internal rather than external sources.

Extroverted

A personality trait characterized by sociability, talkativeness, assertiveness, and high levels of emotional expressiveness.