Which accounts are closed at the end of the accounting period? Why is it necessary to close these accounts?
What will be an ideal response
The revenues, expenses, and the Dividends accounts are closed. The closing process gets these accounts ready for the next period and updates the Retained Earnings account balance for net income or loss during the period and any dividends paid to the stockholders and match the amount reported on the balance sheet.
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The _______ recognizes eight types of currency exchange arrangements.
Fill in the blank(s) with the appropriate word(s).
Which of the following is NOT a characteristic of strategic purchases?
a. They exploit full purchasing power. b. They are high-value/scarce items. c. They emphasize long-term partnerships. d. They are critical to company performance.
Profit responsibility, societal responsibility, and stakeholder responsibility are three concepts of
A. green marketing. B. utilitarianism. C. social responsibility. D. moral idealism. E. cause marketing.
Fly-By-Night Airlines currently has $2.4 million on deposit with its bank. It also has a book balance of $2.4 million. What will be its bank and book balances as soon as it writes a check for $1.1 million to pay its fuel bill?
A) $2.4 million; $1.3 million B) $2.4 million; $2.4 million C) $1.3 million; $2.4 million D) $1.3 million; $1.3 million E) $1.85 million; $1.85 million