The Balance in the Profit or Loss Summary Account Before

question 25

Multiple Choice

The balance in the profit or loss summary account before it is closed represents:

• A) profit (or loss) less drawings.
• B) total expense.
• C) profit (or loss).
• D) total owner's capital.

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Definitions:

Columns

Vertical divisions in a document or spreadsheet, used to organize data.

Worksheet

A single page in spreadsheet programs like Microsoft Excel, used for organizing and calculating data.

Merging Cells

Combining two or more adjacent cells into a single cell, often in a spreadsheet or table.

Splitting

The act of dividing or partitioning data, text, or objects into separate parts or sections.