Which of the Following Accounts Is Not Closed

question 178

Multiple Choice

Which of the following accounts is not closed?

• A)Income Summary
• B)Withdrawals
• C)Owner's Capital
• D)Interest Income

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Definitions:

Joint Stock Company

A business entity where ownership is shared through the issuance of shares, allowing for the capital to be collectively raised by shareholders.

Corporation

A legal entity that is separate and distinct from its owners, which can own property, incur debt, sue and be sued.

Partnership

A business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a partnership agreement.

Personal Liability

The legal responsibility of an individual to settle debts or obligations from their own assets, rather than those protected by a corporation or limited liability entity.