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

Question

Quizplus · Accepted Answer

The Income Summary account is used in the closing process to summarize the amounts of revenues and expenses, is not a permanent account, is the account from which the amount of profit or loss is transferred to the owners' capital accounts in a partnership, and is a temporary account. Therefore, all of these answers are correct.

The Income Summary Account Is