After all the closing entries are posted to the ledger, the Income Summary account will have a ________ balance.
Fill in the blank(s) with the appropriate word(s).
zero
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Bonds Sinking Fund is reported as a liability on the corporation's balance sheet
a. True b. False Indicate whether the statement is true or false
Which of the following best describes a company's financing activities?
a. Financing activities focus on the sale of products and services. b. Financing activities include selling products. c. Financing activities enable a company to acquire assets needed to run a business. d. Financing activities are represented by the revenues and expenses on the income statement.
A rise in the price of imports or a fall in the price of exports will
a. improve the terms of trade. b. worsen the terms of trade. c. expand the production possibilities frontier. d. contract the production possibilities frontier.
Which of the following is an advantage to investors of an open-end mutual fund?
A) Once all the shares have been sold, the investor does not have to put in more money. B) The investors can sell their shares in the over-the-counter market with low transaction fees. C) The fund agrees to redeem shares at any time. D) The market value of the fund's shares may be higher than the value of the assets held by the fund.