Which of the Following Accounts Will Be Closed to Income

question 92

Multiple Choice

Which of the following accounts will be closed to Income Summary?

• A) Prepaid Expenses.
• B) Unearned Revenue.
• C) Dividends.
• D) Earned Revenue.

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Definitions:

ADR

Stands for Alternative Dispute Resolution, which encompasses various methods outside of court proceedings to resolve disputes, including arbitration and mediation.

Federal Arbitration Act

A United States federal law that provides for the enforcement of arbitration agreements and governs the proceedings of arbitration in commercial disputes.

Arbitration Act of 1980

Legislation that governs the process of arbitration, a form of alternative dispute resolution, in specific jurisdictions, facilitating and regulating the settling of disputes outside the court system.

Interstate Commerce

Refers to any trade, traffic, or transportation within the U.S. that crosses state boundaries or affects more than one state.