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    Financial and Managerial Accounting Study Set 8
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    Exam 5: The Accounting Cycle: Reporting Financial Results
  5. Question
    If Income Summary Has a Net Credit Balance,it Signifies
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If Income Summary Has a Net Credit Balance,it Signifies

Question 122

Question 122

Multiple Choice

If Income Summary has a net credit balance,it signifies:


A) A net loss.
B) Net income.
C) A reduction of net worth.
D) Dividends have been declared.

Correct Answer:

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