Both income statement and balance sheet accounts are closed at the end of a fiscal period. a. True ...

Author Question: Both income statement and balance sheet accounts are closed at the end of a fiscal period. a. True ... (Read 111 times)

robinn137

Hero Member
Posts: 544

on: Jul 6, 2018

Both income statement and balance sheet accounts are closed at the end of a fiscal period.
a. True
b. False
Indicate whether the statement is true or false

Question 2

A lease affects both the balance sheet and the income statement.

What will be an ideal response?

mjbamaung

Sr. Member
Posts: 343

Reply #1 on: Jul 6, 2018

Answer to Question 1

False

Answer to Question 2

capital

Need homework help now?

Ask unlimited questions for free

Ask a Question

« previous next »

Did you know?

During pregnancy, a woman is more likely to experience bleeding gums and nosebleeds caused by hormonal changes that increase blood flow to the mouth and nose.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.

Did you know?

The top five reasons that children stay home from school are as follows: colds, stomach flu (gastroenteritis), ear infection (otitis media), pink eye (conjunctivitis), and sore throat.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.