Which of the Following Accounts Should Be Closed to Income

question 152

Multiple Choice

Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

• A) Merchandise Inventory
• B) Accumulated Depreciation
• C) Drawing
• D) Cost of Merchandise Sold

Recognize the dynamic nature of needs and their role in motivation.

Identify the application of pressure by managers on underperforming employees based on perceived reasons.

Understand the significance of needs hierarchy in motivation.

Recognize the role of learned needs in motivation.

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Definitions:

Socialist Economies

Economic systems where the production and distribution of goods and services are controlled by the government with an aim towards equal distribution of wealth.

The United States

The United States is a federal republic consisting of 50 states, a federal district, five major self-governing territories, and various possessions, known for its significant influence on global politics, economy, and culture.

Norway

A Scandinavian country known for its vast landscapes, fjords, and high living standards.

Karl Marx

A 19th-century philosopher, economist, and political theorist known for his critical theories about capitalism and his influence on the development of socialist and communist movements.