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:

Farms

Land devoted to agriculture for the primary purpose of producing food and other crops; it is the basic unit in food production.

Economic Development

The process by which a nation improves the economic, political, and social well-being of its people through factors like industrial growth and education.

Wheat

Wheat is a cereal grain considered a staple food globally, used for making products like bread, pasta, and other foods due to its high gluten content.

Corn

A cereal grain which is a staple food in many parts of the world, also known as maize.