_______________ Are NOT Controlled by a Manager of a Profit

question 82

Multiple Choice

_______________ are NOT controlled by a manager of a profit center.

• A) Revenues
• B) Costs
• C) Investments
• D) Profits

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Definitions:

Income Summary

An account to which the revenues and expenses are transferred in order to close the books; it reflects the net income or loss at the end of a period.

Owner's Capital Account

An account on a company's balance sheet that represents the owner's investment and retained earnings in the business.

Credit Balance

This represents the amount that a company or individual owes to creditors; in accounting, it indicates a balance on the right side of a ledger.

Owner's Drawings Account

A specific account used to track the withdrawals made by the owner from the business for personal use, rephrased from