Which of the Following Accounts Will Be Closed by Crediting

question 150

Multiple Choice

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

• A) Service Revenue
• B) Depreciation Expense
• C) Accounts Payable
• D) Accumulated Depreciation

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Definitions:

NPV

Net Present Value; a calculation used to determine the value of an investment by discounting future cash flows to present terms.

Land

Immovable property comprising the ground, along with any natural or artificial structures on it, not including movable assets.

Manufacturing Facility

A physical location equipped with machinery and equipment for producing goods and products.

Equipment Modifications

Changes or upgrades made to machinery or equipment to improve performance or efficiency.