Straight-line is the only method of depreciation permitted under the Capital Cost Allowance rules .

TRUE OR FALSE?

Adjustments can only be made to accounts already listed on the trial balance.

TRUE OR FALSE?

Income Summary is ?

A) is a temporary account.

B) is a permanent account.

C) summarizes revenue and expenses and transfers the balance to Capital.

D) Both A and C are correct.

Which of the following accounts is NOT a temporary account?

A) Withdrawals

B) Fees Earned

C) Cash

D) Income Summary

Which of the following accounts would NOT be considered a permanent account?

A) Accounts Receivable

B) Salaries Expense

C) Accounts Payable

D) Office Supplies

To close the Withdrawals account,

A) debit Withdrawals; credit Capital.

B) debit Capital; credit Withdrawals.

C) debit Withdrawals; credit Income Summary.

D) debit Income Summary; credit Withdrawals.