If at the end of an accounting period there is a debit balance in the income summary account, this means that the revenue has exceeded the expense.（）

提问人：网友lixin080108 发布时间：2022-01-07

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更多“If at the end of an accounting…”相关的问题

第1题

A trial balance extracted from a sole trader's records failed to agree, and a suspense account was opened for the difference. Which of the following errors would require an entry in the suspense account in correcting them?

A、Sales returns were mistakenly debited to the purchase returns account.

B、Cash received from the sale of a non-current asset was correctly entered in the cash book but was debited to the disposal account.

C、The balance on the rent account was omitted from the trial balance.

D、Goods taken from inventory by the proprietor had been recorded by crediting drawings account and debiting purchases account.

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第2题

Company ABC performed well in year 2019 and made a large amount of net income. On December 31, 2019, the company used the income summary account to close the revenue and expense accounts. Which of the

A．After the revenue and expenses accounts were closed,there was a zero balance in the Income summary account．

B．After the revenue and expense accounts were closed,there was a credit balance in the Income summary account．

C．The balance of the Income summary account can be debit or credit depending on the company’s accounting policy．

D．After the revenue and expense accounts were closed,there was a debit balance in the Income summary account．

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第3题

Revenue accounts should begin each accounting period with zero balances()

此题为判断题(对，错)。

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第4题

Which of the following statements correctly describes the religion in the U.S.?

A、The U.S. federal government was the first national government to have no official state-sanctioned religion.