The first step in the closing entries is to close the revenue account(s) into the Income Summary ...

Author Question: The first step in the closing entries is to close the revenue account(s) into the Income Summary ... (Read 107 times)

jeatrice

Hero Member
Posts: 543

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

Sr. Member
Posts: 322

Reply #1 on: Jul 6, 2018

Answer to Question 1

True

Answer to Question 2

FIFO, LIFO, average cost

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