The Income Summary account is
A) The account from which the amount of profit or loss is transferred to the owners' capital accounts in a partnership
B) A temporary account
C) Used in the closing process to summarize the amounts of revenues and expenses
D) Not a permanent account
E) All of these

Question

Quizplus · Accepted Answer

All of the options listed describe the Income Summary account. It is a temporary account used in the closing process to summarize revenues and expenses, and is not a permanent account. It is used in partnerships to transfer the amount of profit or loss to the owners' capital accounts.

The Income Summary Account Is