After Posting the Second Closing Entry to the Income Summary

question 90

Multiple Choice

After posting the second closing entry to the income summary account, the balance will be equal to

• A) zero.
• B) owner's equity.
• C) revenues for the period
• D) the net income or (loss) for the period.

---

Definitions:

Introspection

The examination or observation of one's own mental and emotional processes.

Model Minority

A stereotype that characterizes a particular minority group as exemplifying academic achievement, professionalism, and law-abidance, often ignoring individual diversity and challenges within the group.

Political Activism

The effort to promote, impede, or direct social, political, economic, or environmental reform or stasis with the desire to make improvements in society.

Work Ethic

A set of values centered on the importance of hard work, diligence, and responsibility in achieving success.