Assume that an organization's operations result in a net profit for the year. When the books are closed, what is the accounting effect of the journal entry that closes out the net profit?
a. it is added to the cash balance
b. it is subtracted from the cash balance
c. it is added to the opening balance of owner's equity
d. it is subtracted from the liabilities
Question 2
An entity in an accounting system can be classified as a resource, event or agent about which data are collected.
Indicate whether the statement is true or false
Reindeer antlers grow again each year under a layer of fur called velvet. This reindeer is losing th
W-2 form issued to employees at the end of the year.
Schematic Diagram of the fluidized bed for the experiment (CHE415 Unit Operations)
The use of antispasmodics, which block release of Ach or calcium, can result in reduced pain as well ...
Organization of the Cerebral Cortex
Chelsea Donahue has a 20-year home mortgage of 78,000 at 7.50% interest and will pay ...