Both income statement and balance sheet accounts are closed at the end of a fiscal period. a. True ...

Author Question: Both income statement and balance sheet accounts are closed at the end of a fiscal period. a. True ... (Read 117 times)

robinn137

Hero Member
Posts: 544

on: Jul 6, 2018

Both income statement and balance sheet accounts are closed at the end of a fiscal period.
a. True
b. False
Indicate whether the statement is true or false

Question 2

A lease affects both the balance sheet and the income statement.

What will be an ideal response?

mjbamaung

Sr. Member
Posts: 343

Reply #1 on: Jul 6, 2018

Answer to Question 1

False

Answer to Question 2

capital

Need homework help now?

Ask unlimited questions for free

Ask a Question

« previous next »

Did you know?

Historic treatments for rheumatoid arthritis have included gold salts, acupuncture, a diet consisting of apples or rhubarb, nutmeg, nettles, bee venom, bracelets made of copper, prayer, rest, tooth extractions, fasting, honey, vitamins, insulin, snow collected on Christmas, magnets, and electric convulsion therapy.

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

Did you know?

Adults are resistant to the bacterium that causes Botulism. These bacteria thrive in honey – therefore, honey should never be given to infants since their immune systems are not yet resistant.

Did you know?

There are 60,000 miles of blood vessels in every adult human.

Did you know?

Eating food that has been cooked with poppy seeds may cause you to fail a drug screening test, because the seeds contain enough opiate alkaloids to register as a positive.