Author Question: What is the first step in the closing process? a. Close the expense accounts to income summary. ... (Read 67 times)

folubunmi

  • Hero Member
  • *****
  • Posts: 524
What is the first step in the closing process?
 a. Close the expense accounts to income summary.
   b. Close the Drawing account into the Capital account.
   c. Close the revenue account(s) into Income Summary.
   d. Close the Income Summary account into the Capital account.

Question 2

Which of the following is not a condition that must be met for an item to be recorded as revenue?
 
  a. Revenues must be earned.
  b. The amount of the revenue must be measurable.
  c. The revenue must be received in cash.
  d. The costs of generating the revenue can be determined.



connor417

  • Sr. Member
  • ****
  • Posts: 329
Answer to Question 1

c

Answer to Question 2

c



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Parkinson's disease is both chronic and progressive. This means that it persists over a long period of time and that its symptoms grow worse over time.

Did you know?

Egg cells are about the size of a grain of sand. They are formed inside of a female's ovaries before she is even born.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

In most climates, 8 to 10 glasses of water per day is recommended for adults. The best indicator for adequate fluid intake is frequent, clear urination.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

For a complete list of videos, visit our video library