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Accounting

How would you assess the usefulness of the Income Summary account as it relates to the closing process?

(A) It is a revenue account that records income owed to a company in future periods.

(B)It is a permanent account used to transfer balances into revenue and expense accounts

(D) It is a holding account used each month to record changes in assets

Which is the correct answer?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9444321

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