Revenues and expenses are transferred to the ________ account before their final transfer into the Owner's Name, Capital account.
A)net income.
B)income summary
C)withdrawals
D)assets

Question

Quizplus · Accepted Answer

Revenues and expenses are transferred to the income summary account before their final transfer into the Owner's Name, Capital account. This allows for the calculation of net income or loss for the period.

Revenues and Expenses Are Transferred to the ________ Account Before