University:
Eastern Kentucky University
Course:
ACC 201 | Introduction to Financial Accounting
Academic year:

2022
Views:

101

Pages:

59
Author:

Uszewskadndr

Match the item on the left with the definition on the right. Your answer is corrott Income statement DO Reports a business's revenues and expenses for a period of tine. Balance she Réperts a business's assets, liabilities and equity ori a specifio data Worksheet DO A useful tool in working with accounting information, Trial balance DO A list of accounts and their belances at a point in time. Statement of cash flows Reports the inflows and outflows of cash during a period Select the statement below that explains how to use the Income Summary account. Your answer is correct! Tend ebriut thos The Income Summary account is used during the closing process to facilitate the closing of all permanent accounts. The Income Summary account is credited during the adjusting process, as it is a contra asset account. The Income Summary account is debited for the sum of all revenue accounts during the closing process The Income Summary account is used during the closing process to facilitate the closing of revenue and expense accounts. A classified balance sheet has several categories for assets and liabilities including (Check all that apply.) Your answer is conect! Long term investments. Current assets. Noricurrent equity. Plant assets. Operating expenses. Noncurrent liabilities. Tangible current assets. Cladungs OK The correct answer is shown The journal entry to close all of a company's expense accounts would include a credit (debit/credit) to each of the expense accounts and a corresponding debit(debit/credit) to the Income summary(statement/summary) account. Your answer is correct! Read