________ are more concept-based than ________. A) IFRS; U.S. ...

[panfilo]

________ are more concept-based than ________.
 
  A) IFRS; U.S. GAAP
  B) U.S. GAAP; IFRS
  C) This is a trick question, since U.S. GAAP and IFRS are the same.
  D) IGAAP; U.S. GAAP

Question 2

The journal entry to close the drawing account includes
 a. debiting the owner's capital account and crediting the drawing account.
   b. debiting the drawing account and crediting the owner's capital account.
   c. debiting Income Summary and crediting the drawing account.
   d. debiting the drawing account and crediting Income Summary.

[elyse44]

Answer to Question 1

A

Answer to Question 2

a

[panfilo]

Thanks for the timely response, appreciate it

[miss_1456@hotmail.com]

Great answer, keep it coming