18. T/F The information needed to prepare a balance sheet is obtained from a work sheet’s Account Title column and the Balance Sheet columns.
19. T/F Reporting revenue earned and the expenses incurred to earn that revenue in the same fiscal period is an application of the accounting concept” Matching Expenses with Revenue”
20. T/F Expense accounts are closed by posting a credit to each expense account and debiting the income summary for the total of all expense account balances
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9. T/F The amount of current capital is calculated as follows:
CAPITAL ACCOUNT BALANCE+NET INCOME-DRAWING ACCOUNT BALANCE=CURENT CAPITAL
10. T/F The two kinds of equities reported on the income …8 years ago
- NOT RATED
10. T/F The two kinds of equities reported on the income statement are liabilities and owner’s equity.
11. T/F The balance sheet reports information about the elements in the accounting equation.
12. …8 years ago