Author Question: To close an expense account with a debit balance, debit the account for its balance and credit the ... (Read 162 times)

rayancarla1

  • Hero Member
  • *****
  • Posts: 571
To close an expense account with a debit balance, debit the account for its balance and credit the income summary account.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

A hospital invested 780,000 in equity securities in March, 2012 . When it prepared its financial statements at year-end, the securities had a fair value of 802,000 .
 
  How should the hospital report the securities in its balance sheet at year end?
   a. report the securities at cost (780,000).
   b. report the securities at cost (780,000) and show the fair value (802,000) parenthetically next to the caption Investments.
   c. report the securities at cost (780,000) and show the fair value (802,000) in the notes to he financial statements.
   d. report the securities at the fair value (802,000)



Briannahope

  • Sr. Member
  • ****
  • Posts: 364
Answer to Question 1

False

Answer to Question 2

d



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Every 10 seconds, a person in the United States goes to the emergency room complaining of head pain. About 1.2 million visits are for acute migraine attacks.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

In Eastern Europe and Russia, interferon is administered intranasally in varied doses for the common cold and influenza. It is claimed that this treatment can lower the risk of infection by as much as 60–70%.

Did you know?

Asthma cases in Americans are about 75% higher today than they were in 1980.

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

For a complete list of videos, visit our video library