Author Question: When a merchandising business is compared to a service business, the financial statement that is not ... (Read 105 times)

humphriesbr@me.com · **on:** Jul 5, 2018

When a merchandising business is compared to a service business, the financial statement that is not affected by that change is the statement of owner's equity.
a. True
b. False

Indicate whether the statement is true or false

Question 2

Permanent accounts are closed into Retained earnings at the end of the accounting period.

Indicate whether the statement is true or false