Author Question: Capital at the beginning of the month amounted to 4,000; net income for the month amounted to 1,000; ... (Read 124 times)

sabina · **on:** Jul 5, 2018

Capital at the beginning of the month amounted to 4,000; net income for the month amounted to 1,000; and withdrawals for personal use during the month amounted to 2,000 . Capital at the end of the month is
a. 3,000.
b. 2,000.
c. 7,000.
d. 5,000.

Question 2

GAAP, or generally accepted accounting principles, are the rules for preparing financial statements followed by the accounting profession in the United States.

Indicate whether the statement is true or false