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Author Question: The first step in the closing entries is to close the revenue account(s) into the Income Summary ... (Read 106 times)

jeatrice

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on: Jul 6, 2018
The first step in the closing entries is to close the revenue account(s) into the Income Summary account.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

The three cost flow assumptions most frequently used in the U.S. are , , and .
 
  What will be an ideal response?


leahm14

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Reply #1 on: Jul 6, 2018
Answer to Question 1

True

Answer to Question 2

FIFO, LIFO, average cost


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