The Income Summary Account Has Debits of $85,000 and Credits

question 105

Multiple Choice

The income summary account has debits of $85,000 and credits of $75,000. The company had which of the following:

• A) Profit of $10,000
• B) Profit of $160,000
• C) Loss of $10,000
• D) Loss of $160,000

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Definitions:

Failure

The state or condition of not meeting a desirable or intended objective, often perceived as the opposite of success.

Likert Scale

A psychometric scale commonly involved in research that employs questionnaires. It is used for assessing attitudes by asking respondents to rate their level of agreement to a statement.

Strongly Agree

A term used in surveys and questionnaires indicating a high level of concurrence with a stated proposition.

Consistent Personality Traits

Aspects of an individual's character that are stable over time and across situations.