All Income Statement Accounts Will Be Closed At The End Of The Period Group Of Answer Choices

T 17 at the end of the fiscal period prepaid expenses are reported on the income statement as expenses.

All income statement accounts will be closed at the end of the period group of answer choices. And the balance is is shown on the. Conversely permanent accounts accumulate balances on an ongoing basis through many fiscal years and so are not closed at the end of the fiscal year. At the end of a company s fiscal year close all temporary accounts temporary accounts accumulate balances for a single fiscal year and are then emptied. The income statement accounts are called temporary accounts because at the end of the year these accounts are closed.

All income statement accounts will be closed at the end of the period. F balance sheet are not f. T closing entries are entered directly on to the work sheet. Learn vocabulary terms and more with flashcards games and other study tools.

The natural business year is a a fiscal year that ends when business activities are at their. The income summary account is also known as the clearing account. Start studying accounting test 2 chapter 4 study quiz. Permanent accounts balance sheet permanent accounts should be actively managed to ensure the correct dollar amount is present.

All revenue and expense accounts should be closed to the income summary account as shown. Assets liabilities and owner s capital are real accounts and do not get closed at the end of the period. 1 true false 18. All income statement accounts will be closed at the end of the period true internal control is enhanced by separating the control of a transaction from the record keeping function.

Revenue xx all income and expenditure accounts are closed at year end. 1 true false 19. True assets liabilities and owner s equity are permanent real accounts and do not get closed at the end of the period true balance sheet accounts are called. 16 all income statement accounts will be closed at the end of the period.

Learn vocabulary terms and more with flashcards games and other study tools. Start studying chapter 4 practice test.