Each of the following accounts is closed to Income Summary except
A) Expenses.
B) Dividends.
C) Revenues.
D) All of these are closed to Income Summary.

Question

Quizplus · Accepted Answer

Expenses and Revenues are closed to Income Summary to determine the net income or loss. Dividends are closed directly to Retained Earnings as they represent a distribution of profits to shareholders and do not affect the net income or loss of the company.

Each of the Following Accounts Is Closed to Income Summary