The balances of the temporary accounts are transferred to Net Income, a permanent account, during the closing process.
Answer the following statement true (T) or false (F)
False
All temporary account balances are transferred to the Retained Earnings account during the closing process. Net income is not an account; it is a total calculated on the income statement.
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Which of the following is true of the Glass-Steagall Act?
A. The act provides authority to the Federal Reserve to regulate bank holding companies and prevent them from branching out. B. The act enables banks to engage in more non-banking activities by operating subsidiaries. C. The act prohibits banks to own subsidiary firms that sold products other than banking services. D. The act encourages banks to meet the credit needs of their communities.
Shemekia Co. produces seats for movie theaters. Listed below are selected cost items for the seat production. Classify each cost as either fixed or variable, and either a product or a period cost by placing an x in the appropriate boxes.?Cost by behaviorCost by function?VariableFixedProductPeriodFabric for seats????Assembly labor????Factory property taxes????Accounting staff salaries????Sales office rent????Sales manager's salary????Depreciation on factoryequipment????Sales commissions????
What will be an ideal response?
Thinking Cap Corp. prices its various cap designs at different price levels, ranging from $2.05 to $5.95. This is an example of optional product pricing
Indicate whether the statement is true or false
Vacuum tubes are a characteristic of which generation of computers?
A. First B. Second C. Third D. Fourth