The Income Summary Account Is Used To

question 3

Multiple Choice

The Income Summary account is used to:

• A)Adjust and update asset and liability accounts.
• B)Close the revenue and expense accounts.
• C)Determine the appropriate dividend amount.
• D)Replace the income statement under certain circumstances.
• E)Replace the retained earnings account in some businesses.

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Definitions:

Implicit Memories

Memories that are not consciously recalled but influence behaviors and skills, such as procedural memory for tasks.

Subliminal Stimuli

Stimuli presented below the threshold of conscious awareness, which can nonetheless affect thoughts, feelings, or actions.

Unconscious Thought

Mental processes that occur without conscious awareness, influencing behaviors, perceptions, and attitudes.

Collective Unconscious

A concept introduced by Carl Jung, referring to the part of the unconscious mind which is derived from ancestral memory and experience and is common to all humankind.