The Income Summary Account Is Used

question 150

Multiple Choice

The Income Summary account is used:

• A) To adjust and update asset and liability accounts.
• B) To close the revenue and expense accounts.
• C) To determine the appropriate withdrawal amount.
• D) To replace the income statement under certain circumstances.
• E) To replace the capital account in some businesses.

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Definitions:

WAIS

The Wechsler Adult Intelligence Scale is a test created for assessing the intelligence levels of adults and older adolescents.

Stanford-Binet

The widely used American revision (by Terman at Stanford University) of Binet’s original intelligence test.

Intelligence Test Scores

Numerical outcomes derived from assessments designed to measure cognitive abilities, including reasoning, problem-solving, and understanding complex ideas.

Bell-Shaped Pattern

A distribution in statistics that describes how data points are spread across several levels with a peak in the middle; commonly referred to as a normal distribution.