Author Question: The purpose and use of the income summary account is to summarize the difference between revenues ... (Read 82 times)

jlmhmf · **on:** Jul 5, 2018

The purpose and use of the income summary account is to summarize the difference between revenues and expenses.
a. True
b. False
Indicate whether the statement is true or false

Question 2

In retail businesses, inventory is reported as a current asset.
a. True
b. False

Indicate whether the statement is true or false