The Closing Entry for an Expense Account Would Consist of A

question 50

Multiple Choice

The closing entry for an expense account would consist of a:

• A)Debit to Income Summary and a credit to the expense account.
• B)Debit to the expense account and a credit to Income Summary.
• C)Credit to Retained Earnings and a debit to the expense account.
• D)Credit to Revenue and a debit to the expense account.

Analyze the effects of different cost structures on individuals' decisions to invest in education.

Comprehend the signaling theory and its application in the job market.

Understand the concept of moral hazard and adverse selection in insurance markets.

Analyze the economic implications of information asymmetry in various markets.

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Definitions:

Lowest Terms

The simplest form of a fraction, where the numerator and denominator are reduced to their smallest values.

Fractions

Mathematical expressions representing parts of a whole or a ratio between two quantities.

Mixed Numbers

Numbers consisting of an integer and a fraction, representing quantities greater than one.

Lowest Terms

Refers to a fraction simplified to its smallest possible numerator and denominator without changing its value.