The Entry to Close Income Summary, Assuming a Net Loss

question 15

Multiple Choice

The entry to close Income Summary, assuming a net loss, would involve a

• A) credit to cash.
• B) debit to net income.
• C) credit to Income Summary.
• D) credit to capital.

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Definitions:

Luck

The experience of notably positive, negative, or improbable events influenced by chance.

Generalization

The process by which an organism responds in the same way to different but similar stimuli.

Extinction

In psychology, the gradual diminishing of a conditioned response when the reinforcement is no longer presented; in biology, the permanent loss of species from the earth.

Token Economy

A behavioral modification system that utilizes tokens as symbolic reinforcements for desirable behaviors, which can later be exchanged for specific rewards.