Multiple Choice
The Income Summary account is a(n)
A) Temporary account
B) Income Statement account
C) Permanent account
D) Balance Sheet account
E) Both Income Statement and Balance Sheet accounts
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q36: Reversing entries are optional.
Q70: In order, the last four steps in
Q71: A work sheet is prepared before entering
Q72: For a partnership, the equity section is
Q73: The accounting cycle refers to the steps
Q74: Another name for income summary accounts is<br>A)
Q76: The Income Summary account is used to
Q77: Which of the following is the final
Q78: After posting the entries to close all
Q80: Reversing entries are<br>A) Optional<br>B) Linked to accrued