A merchandiser uses a perpetual inventory system. The third step in the process of closing the accounts of a merchandiser is to ________.
A) make the revenue accounts equal to zero via the Income Summary account
B) make the Income Summary account equal to zero via the Dividends account
C) make the expense accounts equal to zero via the Income Summary account
D) make the Income Summary account equal to zero via the Retained Earnings account
D) make the Income Summary account equal to zero via the Retained Earnings account
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Answer the following statements true (T) or false (F)
1. Men tend to tag questions on to the end of their statements for the purpose of more discussion. 2. Dialect refers to various pronunciations of words from the same language. 3. Knowing and understanding the organizational culture is necessary to be able to step back and reflect on your own communication. 4. Stereotypes are always negative. 5. Every organization has its own organizational culture.
Activity-based costing is appropriate for a company that has high overhead costs that are not proportional to unit volumes of individual products
Indicate whether the statement is true or false
The recording of the jobs shipped and customers billed would include a debit to:
A) Accounts Payable B) Cash C) Finished Goods D) Cost of Goods Sold
If your bank offers a 5% annual rate of return compounded annually, then at the end of one year your $1,000.00 deposit would grow by $50.00 to $1,050.00
However, in the second year, your deposit would increase by $52.5025 to a total ending value of $1,102.50. Explain why the second year earns more interest on the investment than the first year. What will be an ideal response?