After posting the second closing entry to the income summary account, the balance will be equal to
A) zero.
B) owner's equity.
C) revenues for the period
D) the net income or (loss) for the period.
D
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The accounting concept that states expenses should be matched with the revenues they helped to produce is the
a. contra-account concept; b. allowance method; c. uncollectible accounts technique; d. matching principle; e. contra-revenue principle.
Which of the following best describes the Norwalk agreement?
a. AICPA and IASC form a new set of principles. b. FASB and IASB commit to develop high quality compatible accounting standards. c. FASB defines the use of other comprehensive reports by international companies. d. FASB and SEC agree to create a new set of principles.
Which of the following is FALSE concerning writing analysis tools in word processing programs?
a. Sentence fragments, passive voice, jargon, and clichés are some types of errors that can be detected. b. After reviewing a document, the program can generate the total word count, average sentence length, and readability measures. c. They flag potential errors and require the writer to accept or reject the change. d. Such programs eliminate the need for the reader to check a passage for grammatical correctness.
The factor that differentiates flexible factories from traditional factories is that flexible factories
A. tend to focus on multiple products at a time. B. organize work flow around products. C. move large orders through assembly lines. D. avoid decentralized scheduling. E. have relatively longer production runs.