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:

Assassination

The act of killing a prominent or significant individual for political, religious, or ideological reasons.

Dr. Martin Luther King, Jr.

A prominent leader in the American civil rights movement, known for his advocacy for nonviolent resistance and his I Have a Dream speech.

Realistic Conflict Theory

A social psychological model that describes how conflict and competition between groups arise over actual competition for limited resources.

Prejudice

Preconceived opinions or judgments about individuals or groups based on biases without factual basis.