What is the Income Summary account and what is its purpose?
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
An Income Summary account is an general ledger record used only ...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Accounting Introduction To Financial Accounting
ISBN: 9781517089719
1st Edition
Authors: Henry Dauderis, David Annand
Question Posted:
Students also viewed these Accounting questions
-
The partnership of Avery and Kirk was formed on July 1, when George Avery and Dinah Kirk agreed to invest equal amounts and to share profits and losses equally. The investment by Avery consists of...
-
The general ledger of Bray Personnel Service includes controlling accounts for Office Equipment, No. 123, and Accumulated Depreciation, Office Equipment, No. 124. Brays accountant also records the...
-
The general ledger of Rafferty Insurance Agency includes controlling accounts for Office Equipment, No. 123, and Accumulated Depreciation, Office Equipment, No. 124. Raffertys accountant also records...
-
Colors and More is considering replacing the equipment it uses to produce crayons. The equipment would cost $1.37 million, have a 12-year life, and lower manufacturing costs by an estimated $304,000...
-
a. Construct a scatter diagram showing the relationship between returns on Stock Y and the market, and then draw a freehand approximation of the regression line. What is the approximate value of the...
-
An electron of mass 9.11 x 1031 kg has an initial speed of 3.00 x 105 m/s. It travels in a straight line, and its speed increases to 7.00 x 105 m/s in a distance of 5.00 cm. assuming its acceleration...
-
What are the four left turning tendencies?
-
The quality control manager at a compact fluorescent light bulb (CFL) factory needs to determine whether the mean life of a large shipment of CFLs is equal to 7,500 hours. The population standard...
-
A dart is thrown horizontally with an initial speed of 11.39m/s towards a dartboard that is horizontal distance of 2.52 m from the position of the dart when it is released. What vertical distance in...
-
Your 21-year old cousin is graduating from college and has already accepted her first full-time job offer. She will be earning $3,000 per month. She already has an apartment and her fixed monthly...
-
Identify which types of general ledger accounts are temporary and which are permanent.
-
What are the four types of closing entries, and why are they journalized?
-
When evaluating a potential acquisition's future, why penalize the prospect by deducting the capital expenditures that will need to be made when performing a cash-flow analysis? Are not future...
-
QUESTION FOUR The increasing demand in risk management on the part of organizations has been identified as a general societal trend emphasizing public accountability and responsibility. State and...
-
L ple owns 100% of M Ltd and 100% of N Ltd, and has done for a number of years Requirement What is the limit to be used when determining the payment date(s) for L ple's corporation tax for the year...
-
QUESTION THREE (a) (b) Joseph intends to start a small business specializing in software development to cater for the youth; however a business consultant has advised him to be extra careful before...
-
Use the ER-diagram to create a data dictionary. Use the following template: Raw_Materials has the follwing fields: Raw_Materials_Code, Raw_Materials_Description, Raw_Materials _Price; Purchase...
-
i. Audience - Follows and unfollows on your account ii. Reach - Number of accounts that saw your content iii. Post Engagement - Likes, comments, saves, and shares iv. ______ - Number of times content...
-
Create a program with an enumeration that contains the names of the eight planets in our solar system. Prompt the user for a planet name and use the ordinal () method to display the planets position....
-
QUESTION 9 HC-O-C-R R-C-O-CH HC-O-P-O-CH-CH-NH3* O || O a. Phosphatidic acid, Serine O b. Lysophosphatidic acid, Serine, Free FA O c. Lysophosphatidylserine, Free FA O d. 2 Free FAs, Serine, Glycerol...
-
What is a conceptual framework? Why is a conceptual framework necessary in financial accounting?
-
What are the primary objectives of financial reporting as indicated in Statement of Financial Accounting Concepts No. 1?
-
What are the primary objectives of financial reporting as indicated in Statement of Financial Accounting Concepts No. 1?
-
Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current year. Aaron and Deanne each contributed $138,000, and Keon transferred an acre of undeveloped land to...
-
The following information pertains to the inventory of Parvin Company: Jan. 1 Apr. 1 Oct. 1 Beginning inventory Purchased Purchased 400 units @ 2,400 units @ 1,100 units $17 $22 $23 During the year,...
-
Gold Nest Company of Guandong, China, makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their...
Study smarter with the SolutionInn App