The Profit or Loss Summary Account Is What Type of Account

question 17

Multiple Choice

The Profit or Loss Summary account is what type of account?

• A) short-term account
• B) asset account
• C) temporary account
• D) current account

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Definitions:

Objective Thinker

A person who relies on factual information and rational analysis to form judgments and make decisions, avoiding biases and subjective influences.

Team Leaders

Individuals who are responsible for guiding, directing, and motivating members of a group to achieve its objectives.

Reward

Recognition or compensation given for achievement, service, or performance, serving as a motivator or incentive in various contexts.

Punishment Distribution

Describes the process and principles by which penalties are allocated or assigned within an organization or system.