Balances of nominal accounts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
True or False.
Transcribed Image Text:15. Balances of nominal accounts are
transferred to the Capital account in the
SFP. *
34. Statement of Cash Flows explains the
observed difference in the cash balance
from the beginning to the end of the period.
35. The bottom line of the Statement of
Cash Flows is equivalent to the cash
balance presented on the Statement of
Financial Position. *
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