To close an expense account with a debit balance, debit the account for its balance and credit the income summary account.
a. True
b. False
Indicate whether the statement is true or false
Question 2
A hospital invested 780,000 in equity securities in March, 2012 . When it prepared its financial statements at year-end, the securities had a fair value of 802,000 .
How should the hospital report the securities in its balance sheet at year end?
a. report the securities at cost (780,000).
b. report the securities at cost (780,000) and show the fair value (802,000) parenthetically next to the caption Investments.
c. report the securities at cost (780,000) and show the fair value (802,000) in the notes to he financial statements.
d. report the securities at the fair value (802,000)
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