An account that is not closed at the end of the period is called a(n) ________
A) expense account
B) temporary account
C) permanent account
D) revenue account
C
You might also like to view...
Which of the following would be the best wording to use on a résumé?
A) "I was in charge of a staff of six employees." B) "I supervised six employees." C) "Was in charge of entire departmental staff." D) "Supervised staff of six employees." E) "In this job, I was in charge of six employees including an assistant manager."
Identify the major sources of external new product ideas and explain why these sources offer advantages over internal sources
What will be an ideal response?
In the abbreviations loc. cit. and op. cit., the word cit means about
Indicate whether the statement is true or false
Trust Engineering Company is considering the purchase of a new machine to replace an existing one. The old machine was purchased 5 years ago at a cost of $20,000, and it is being depreciated on a straight line basis to a zero salvage value over a 10-year life. The current market value of the old machine is $14,000. The new machine, which costs $30,000, falls into the MACRS 5-year class and has an estimated life of 5 years. The change in depreciation expense that results from accepting the project and will be considered in the capital budgeting analysis is _____. The MACRS rates for 5-year class are Year 1-20%, Year 2-32%, Year 3-19%, Year4-12%, Year 5-11%, Year 6-6%.
A. $10,500 B. $23,400 C. $44,000 D. $20,000 E. $17,000