Multiple Choice
The business failed to close any of the revenue accounts. The result of this error is that:
A) revenues will be understated.
B) capital will be understated.
C) the assets will be overstated.
D) the liabilities will be overstated.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q26: The post-closing trial balance is used to
Q27: The entry to close the revenue account(s)
Q28: There are 7 closing entries.
Q29: When the expenses are closed:<br>A) Owner's Capital
Q30: A real account is the same as
Q32: Which of the following accounts should NOT
Q33: When the Withdrawals account is closed:<br>A) Owner's
Q34: In the first space below, indicate whether
Q35: B. Jensen's worksheet showed the revenue account,
Q36: The adjusting entry for accrued salaries is