Question
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
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.
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