If a loss has been incurred for the year, the profit or loss summary account, before it is closed off, has a_________ balance.
A) debit
B) credit
C) positive
D) negative

Name: If a loss has been incurred for the year, the profit or loss summary account, before it is closed off, has a_________ balance. A) debit B) credit C) positive D) negative
Brand: Quizplus
Rating: 4.8 (27 reviews)

Question

Quizplus · Accepted Answer

A loss for the year means expenses exceed revenues, resulting in a debit balance in the profit or loss summary account before it is closed off.

If a Loss Has Been Incurred for the Year, the Profit