Closing Entries Never Involve Posting a Credit to The

question 109

Multiple Choice

Closing entries never involve posting a credit to the:

• A)Income Summary account.
• B)Accumulated Depreciation account.
• C)Dividends account.
• D)Depreciation Expense account.

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Definitions:

Budget Surpluses

A situation where income or receipts exceed expenditures over a specified period of time.

Deficits

Situations in which a government's expenditures exceed its revenues during a specific period, leading to borrowing or debt accumulation.

Federal Budget Deficit

The shortfall that occurs when the federal government's expenditures exceed its revenues within a fiscal year.

National Debt

The total amount of money that a country's government has borrowed, typically from domestic or international lenders.