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Author Question: All income statement accounts will be closed at the end of the period. a. True b. False ... (Read 67 times)

D2AR0N

  • Hero Member
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  • Posts: 561
on: Jul 5, 2018
All income statement accounts will be closed at the end of the period.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

If a government hospital gets unrestricted donations that are not a part of a hospital's major ongoing operations, those donations are classified on the statement of revenues, expenses, and changes in net position as
 
  A. An operating revenue.
  B. An operating gain.
  C. An other financing source.
  D. A nonoperating gain.


14vl19

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Reply #1 on: Jul 5, 2018
Answer to Question 1

True

Answer to Question 2

D


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