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501(c)(3) Nonprofit
Financial Accounting/The Income Statement
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Income Summary Account Characteristics

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Which of the following statements regarding the income summary account is true?
AIt is closed by crediting the income summary account and debiting the retained earnings account.
BIt is a permanent account whose balance fluctuates with changes in income.
CIt receives credit entries from the expense accounts being closed.
DIt does not appear on any financial statement because it is used exclusively during the closing process.
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