Multiple Choice
An error has occurred in the closing process if
A) revenue and expense accounts have zero balances.
B) the owner's capital account is credited for the amount of net income.
C) the owner's drawings account is closed to the owner's capital account.
D) the balance sheet accounts have zero balances.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q9: These accounts are among the accounts
Q11: The income statement for the year
Q22: In preparing closing entries<br>A) each revenue account
Q51: A double rule applied to accounts in
Q78: Which one of the following is an
Q80: At the end of an accounting period
Q157: The step in the accounting cycle that
Q216: Assuming that there is a net loss
Q231: Which of the following is a true
Q235: The owner's drawings account is a permanent