What two broad purposes do closing entries serve?
Closing entries zero out all temporary accounts so that they may begin accumulating amounts at the beginning of the next period. Closing entries also transfer net income or net loss to the Retained Earnings account.
You might also like to view...
________ are intangible and represent formulated thoughts or opinions, whereas ________ are intangible products that cannot be touched, weighed, or measured.
A. products; services B. ideas; products C. ideas; services D. services; products E. products; ideas
Laura is in possession of a check which contains the following indorsement, "Sam Smith, without recourse, for collection only." The indorsement would be classified as:
a. blank, qualified, and restrictive. b. blank, unqualified, and unrestrictive. c. special, unqualified, and restrictive. d. special, qualified, and unrestrictive.
What is the expected revenue if the student APICS chapter uses dynamic pricing?
A) $83,975.47 B) $84,349.06 C) $84,719.84 D) $85,209.84
A fortuitous action of the sea or weather of sufficient force to overcome the strength of a seaworthy ship is:
a. a general average. b. an ocean danger. c. a peril of the sea. d. a Q-clause defense.