rue or false: During the closing process, when we reset the balance of the revenue and expense accounts to zero, the overall amount credited (or debited) to retained earnings is equal to the company's net income (or loss) for the fiscal period. If your answer is “False”, then explain (in one sentence) why the statement is false.

Q: explain what accounting principles or concepts would be violated if the accounts were not closed at…

A: The rules and regulations that businesses and other organizations must abide by when reporting…

Q: One reason that the division of income (loss) is reported at the bottom of the income statement is…

A: A CLOSING JOURNAL ENTRY IS MADE AT THE YEAR END THAT INVOLVES SHIFTING DATA FROM TEMPORARY ACCOUNTS…

Q: Which of the following is true about adjusting entries?

A:

Q: What amount will be reported as an adjustment to the beginning balance of retained earnings to…

A: Every organization uses some assets to conduct business, such as equipment, machinery, motors, and…

Q: Expenses that are paid in advance are held on the balance sheet until the end of the accounting…

A: The statement is True.Expenses that are paid in advance, also known as prepaid expenses, are…

Q: Which of the following accounts is zero'd out in closing entries? A. Prepaid Advertising B. Cost of…

A: Closing entry :— These are journal entries that are passed at the end of period to transfer the…

Q: What are the 4 steps in the closing process and pick one and explain the step(entry) and why it is…

A: Closing entry is a journal entry made at the end of accounting periods that involves shifting data…

Q: In accrual basis ,revenues are recognized when received and expenses when incurred Select one: O…

A: Accounting records are recorded in two ways, one Cash Basis accounting and the other Accrual Basis…

Q: I. No entry is required on date of declaration. II. Dividends declared is closed to the retained…

A: Dividend means the amount given to shareholder of the company as profit distribution by…

Q: according to picture 1, write reversing journal entry in picture 2. Can I ask how to write reversing…

A: Prepaid expenses are the expenses that are paid in advance i.e., expenses that pertain to the next…

Q: True or false? Permanent accounts start each accounting period with a zero balance.

A: Types of accounts: In the accounting system, there are two types of accounts that are broadly…

Q: The purpose of recording closing entries is to: Select one: O a. Prepare revenue and expense…

A: Closing entry: It can be defined as a journal entry that is made at the closing of an accounting…

Q: accrued salaries at the end of the period is inadvertently omitted, both liabilities and…

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: Qusetion In the closing process of the accounting cycle, the accountant closed the dividends account…

A: The dividend account should be closed at year-end by debiting retained earnings and crediting…

Q: Which of the following is NOT an accounting method that would increase the current ratio (currently…

A: Current assets means those assets which will be converted in to cash in near future generally one…

Q: True or False 1. The purpose and use of the income summary account is to summarize the difference…

A: The financial statements of the business includes the income statement and balance sheet of the…

Q: Choose from the following list to best complete the statements below. a. Temporary b. Permanent c.…

A: 1. (b) Permanent accounts generally consist of all balance sheet accounts, and these accounts are…

Q: entry to record sales on account is not posted: O Stockholders' equity will be overstated.. O Assets…

A: There may be some cases wherein the Debit and credit side of trial balance is not matched in trial…

Q: Which of the following accounts is not closed at the end of the accounting period?   Select one:…

A: The objective of the question is to identify which among the given accounts is not closed at the end…

Q: Select all of the statements that accurately convey why the closing process is necessary and how it…

A: In accounting, there are mainly five types of accounts : assets, liabilities, revenue, expenses,…

Q: Indicate the best answer(s) for each question: Which of the following accounts is not closed to the…

A: Income summary account is temporary account which is create to closed all income and expenses which…

Q: According to AASB110, which of the following is an adjusting event? Select one: a. All of the above…

A: As per AASB 110, the events that provides the evidence of the conditions that are in existence at…

Q: Statement 1: OCI should not be closed in retained earnings and should be presented separately in…

A: Correct Answer is  : All are true

Q: When a business suffers a net loss, the journal entry to close the income summary account would be…

A: The objective of the question is to determine the correct journal entry to close the income summary…

Q: True or False 1. The fourth step in the closing procedure is to close the Income Summary account…

A: Temporary accounts are those accounts that will be closed at the end of the accounting period. Their…

Q: Which of the following is not true? Group of answer choices Assets, liabilities, and capital are…

A: The objective of the question is to identify the incorrect statement among the given options related…

Q: All income statement accounts will be closed at the end of the period. True False

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. It tells…

Q: Closing entries are made:  to make all nominal account balances equal to zero to close all nominal…

A: Closing Entries: Closing entries are the journal entries made at the end of an accounting period.…

Q: If Oxbow Corporation does not record a sale made on account in December until a month later when the…

A: Balance Sheet: Balance Sheet summarizes the assets, the liabilities, and the Shareholder's equity of…

Q: B. Create the income statement. Use minus sign to indicate the loss. C. Create the statement of…

A: Financial statements are those statements which are prepared at the end of accounting period in…

Q: Closing entries are made O so that financial statements can be prepared. O in order to transfer net…

A: Closing entries are those which are reported in the books at the end of the period in order to close…

Q: hich of the following accounts ordinarily would not appear in the post-closing trial balance?  Hint:…

A: Temporary accounts are the accounts which has been closed and their balance has been moved to…

Q: When a company stops the operations of one of its segments, this should be reflected in the:

A: The answer of these 2 question can be easily solved by understanding definition of discontinued…

Q: How should accounting errors discovered in the same accounting period they relate be correct. For…

A: Following is the answer to the given question.

Q: After posting the closing entries a. All the accounts in the general ledger have zero balances. b.…

A: Post closing trial balance is a finalization of account statements where the temporary accounts are…

Q: Which of the following is the incorrect effect of counterbalancing errors? a. None of the…

A: Counterbalancing error is made when  an error is made that cancels out another error. For example…

Q: Accrued salaries are Salaries that have been neither earned by employees nor paid. Salaries that…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Accrued taxes payable of $150,000 were not recorded at December 31, 2020. Office supplies on hand of…

A: Accounting errors are the errors made in the recording of transactions in the books of accounts.…