Which of the following accounts should be closed to Income Summary at the end of the fiscal year?

Question

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The Cost of Merchandise Sold account should be closed to Income Summary at the end of the fiscal year, as it is a temporary account that records the cost of the merchandise sold during the year. Closing this account to Income Summary ensures that the company's net income or loss for the year is accurately reflected in the Income Summary account. The other accounts listed (Merchandise Inventory, Accumulated Depreciation, and Dividends) are not closed to Income Summary at the end of the year, as they are either permanent accounts or accounts that do not affect the determination of net income or loss.

Which of the Following Accounts Should Be Closed to Income