Author Question: The balance in the owner's Capital account is closed to the owner's Drawing account. a. True b. ... (Read 116 times)

crazycityslicker · **on:** Jul 6, 2018

The balance in the owner's Capital account is closed to the owner's Drawing account.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Which of the following statements is false with regard to quality of financial reporting?

a. Financial statements should reflect an accurate picture of a company's financial condition and performance.
b. It is unlikely that management can manipulate the bottom line due to the regulations in place to enforce GAAP.
c. Financial information should be useful both to assess the past and predict the future.
d. The closer that the picture presented through the financial data is to reality, the higher the quality of financial reporting.