Assume that an organization's operations result in a net profit for the year. When the books are closed, what is the accounting effect of the journal entry that closes out the net profit?
a. it is added to the cash balance
b. it is subtracted from the cash balance
c. it is added to the opening balance of owner's equity
d. it is subtracted from the liabilities
Question 2
An entity in an accounting system can be classified as a resource, event or agent about which data are collected.
Indicate whether the statement is true or false
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