Author Question: Footings in T accounts a. appear to the left of the amount columns. b. are used for accounts with ... (Read 107 times)

segrsyd · **on:** Jul 5, 2018

Footings in T accounts
a. appear to the left of the amount columns.
b. are used for accounts with more than one debit or credit.
c. are only used in asset accounts.
d. are used for accounts with only one entry.

Question 2

Which of the following is not true about closing entries?
a. There are four closing entries that update the owner's equity account.
b. After the second closing entry, the income summary account is equal to the net income or loss for the period.
c. All real accounts are closed at the end of the period.
d. By closing nominal accounts at the end of the period to zero, it is possible to isolate next period's information correctly.