Which of the Following Could Not Possibly Be a Closing

question 134

Multiple Choice

Which of the following could not possibly be a closing entry?

• A)Debit Income Summary and credit owner's Capital
• B)Debit Income Summary and credit Withdrawals
• C)Debit owner's Capital and credit Withdrawals
• D)Debit owner's Capital and credit Income Summary

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Definitions:

Diversified Market

A market characterized by a variety of products, services, or sectors, which reduces investment risk and capitalizes on different growth opportunities.

Hardware Store

A retail business that sells tools, building supplies, and household hardware for home improvement.

Expectant Mothers

Pregnant women in anticipation of giving birth, often requiring special healthcare, nutrition, and support throughout pregnancy.

Business Model Canvas

A strategic management template for developing new or documenting existing business models, visually outlining value propositions, customer relationships, and other key activities.