Which of the Following Accounts Has an Ending Balance Equal

question 35

Multiple Choice

Which of the following accounts has an ending 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:

Partnership Property

Assets acquired or owned by a partnership, used in conducting the partnership's business.

Right of Survivorship

A legal principle where, upon the death of one joint owner, the deceased's share automatically transfers to the surviving co-owner(s), bypassing probate.

Partnership Agreement

A contract between business partners detailing the business structure, distribution of profits and losses, and operational rules.

Deceased Partner

Refers to a partner in a partnership who has passed away, impacting the management and operations of the business.