Which of the Following Accounts Should Be Closed to Income

question 78

Multiple Choice

Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

• A) Rent Expense
• B) Equipment
• C) Wages Payable
• D) Accumulated Depreciation
• E) The owner's Drawing account

Differentiate between pneumatic and electronic brake systems (EBS) and understand their respective advantages.

Grasp the technical aspects of ABS modulation and its impact on vehicle control.

Interpret the role of software tools in ABS diagnostics and fault code analysis.

Understand the implications of vehicle dynamics, such as wheelbase and yaw resistance, on braking and stability control systems.

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Definitions:

Gross Profit

The difference between total revenue and the cost of goods sold, before deducting any selling, administrative, or other expenses.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overheads, salaries, and other operating expenses.

Stockholders' Equity

The residual interest in the assets of an entity that remains after deducting its liabilities.

Nonoperating Items

Income and expenses that are not related to the core operations of a business, such as gains or losses from investments or interest expense.