Author Question: The account to which revenue and expenses are closed is called a. Cash. b. Drawing. c. Income ... (Read 102 times)

burton19126 · **on:** Jul 5, 2018

The account to which revenue and expenses are closed is called
a. Cash.
b. Drawing.
c. Income Summary.
d. Net Income.

Question 2

The form of the balance sheet in which assets, liabilities, and owner's equity are presented in a downward sequence is called the report form.
a. True
b. False

Indicate whether the statement is true or false