In a Partnership,the Entry to Close Net Loss ________

question 126

Multiple Choice

In a partnership,the entry to close net loss ________.

• A) increases assets
• B) increases liabilities
• C) decreases Partners' Capital accounts
• D) decreases the Income Summary account

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Definitions:

Intellectualization

A defense mechanism where reasoning is used to block confrontation with an unconscious conflict and its associated emotional stress.

Emotional Conflicts

Internal struggles that occur when a person experiences opposing emotions or desires, often leading to stress or psychological discomfort.

Repression

A psychological defense mechanism where unwanted or uncomfortable thoughts, feelings, or desires are pushed out of conscious awareness.

Unconscious Mind

A part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.