In the accounting cycle, closing entries are prepared before adjusting entries
Indicate whether the statement is true or false
False
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The measures of central tendency for a normal distribution are all identical
Indicate whether the statement is true or false
A company had revenues of $75,000 and expenses of $62,000 for the accounting period. Dividends of $8,000 were paid in cash during the same period. Which of the following entries could not be a closing entry?
A. Debit Revenues $75,000; credit Income Summary $75,000. B. Debit Income Summary $13,000; credit Retained earnings $13,000. C. Debit Retained earnings $8,000, credit Dividends $8,000. D. Debit Income Summary $75,000; credit Revenues $75,000. E. Debit Income Summary $62,000, credit Expenses $62,000.
Magnus, an industrial engineer in a garment manufacturing company, introduced small procedures to detect errors in the production process. These procedures help workers spot mistakes in the garments before they are moved to the next stage. In the given scenario, Magnus most likely introduced _____.
A. green practices B. artifacts C. poka-yokes D. the Kaizen system
Financial ratio analysis measures the performance of the firm based on all but which of the following?
A. income statement B. balance sheet C. market valuation D. industry comparison