When using a work sheet:
a. an equal number of account titles are applicable to the Income Statement columns and the Balance Sheet columns.
b. adjusting entries are not made since they appear on the work sheet.
c. net income appears in both the Income Statement debit column and the Balance Sheet credit column.
d. the Income Statement column and Balance Sheet column of the work sheet eliminate the need to prepare formal financial statements.
c
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The costs of organizing a corporation, such as incorporation fees, attorneys' fees, and promotion expenses are called ____________________
Fill in the blank(s) with correct word
An overall indication of the dependability of data may be obtained by examining the ________, credibility, reputation, and ________ of the source
A) accuracy; trustworthiness B) trustworthiness; expertise C) expertise; accuracy D) None of the above is correct.
Which of the following accounts might appear in the adjusted trial balance but not in the post-closing trial balance?
A) Depreciation Expense-Equipment B) Retained Earnings C) Unearned Revenue D) Income Summary
In a consolidated balance sheet, the minority interest is reported
a. as part of long-term liabilities. b. between liabilities and stockholders' equity c. as part of stockholders' equity. d. as part of long-term assets.