Multiple Choice
In preparing closing entries
A) each revenue account will be credited.
B) each expense account will be credited.
C) the retained earnings account will be debited if there is net income for the period.
D) the dividends account will be debited.
Correct Answer:
Verified
Correct Answer:
Verified
Q35: Both IFRS and GAAP require disclosures about<br>A)accounting
Q36: Which one of the following is an
Q37: Which one of the following statements concerning
Q38: The use of reversing entries<br>A)is a required
Q39: The adjustments entered in the adjustments columns
Q41: The IASB and FASB are working on
Q42: The post-closing trial balance contains only<br>A)income statement
Q43: The step in the accounting cycle that
Q44: The post-closing trial balance is entered in
Q45: Intangible assets are<br>A)listed directly under current assets