The owner's capital account is closed at the end of each accounting period.

Answer the following statement true (T) or false (F)


False

Business

You might also like to view...

When might best of breed not be “best”?

What will be an ideal response?

Business

In this chapter, you examined several short-term managerial decision tasks. Identify (list) any three of these types of decision tasks: ________; ________; ________

What will be an ideal response?

Business

When evaluating the cash flows associated with a capital budgeting project, shipping and installation costs associated with the purchase of an asset, such as a lathe, are considered part of the:?

A. ?initial investment outlay because these expenses are effectively part of the asset's purchase price. B. ?incremental operating cash flows because shipping and installation costs represent expenses that have to be written off over the life of the asset. C. ?terminal cash flows, because these expenses aren't paid until the end of the asset's life. D. ?sunk costs because these expenses do not affect any current or future cash flows associated with investing in the asset. E. ?opportunity cost of the project because these costs are increasing the potential of the project.

Business

Jenny and Rose are hairstylists that have decided to open their own salon by starting a general partnership. The first step to ensuring a successful partnership would be to ________

A) guarantee that they each have 25 clients to bring into the partnership B) submit the partnership formation fee to the state C) draw up a partnership agreement D) submit the limited liability forms before they see clients E) arrange for the special tax filing considerations a partnership requires

Business