Which of the Following Accounts Should Be Closed to Income

question 51

Multiple Choice

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

• A) Supplies Expense
• B) Accumulated Depreciation
• C) Prepaid Insurance
• D) Unearned Rent

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Definitions:

Expert Power

Power derived from having special information or expertise that is valued by an organization.

Legitimate Power

The authority to influence or control others based on a position of responsibility within an organization.

Army Officers

Army Officers are members of the military who hold positions of authority, responsible for leading soldiers, making strategic decisions, and ensuring the success of their missions.

Publications

Works of writing, printing, or electronic media that are distributed or made available to the public.