a . Which accounts are considered temporary accounts? b . Why are temporary accounts closed at the
Question:
a. Which accounts are considered temporary accounts?
b. Why are temporary accounts closed at the end of the fiscal year?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 55% (9 reviews)
a The temporary accounts considered in financial accounting are gen...View the full answer
Answered By
Marvine Ekina
Marvine Ekina
Dedicated and experienced Academic Tutor with a proven track record for helping students to improve their academic performance. Adept at evaluating students and creating learning plans based on their strengths and weaknesses. Bringing forth a devotion to education and helping others to achieve their academic and life goals.
PERSONAL INFORMATION
Address: , ,
Nationality:
Driving License:
Hobbies: reading
SKILLS
????? Problem Solving Skills
????? Predictive Modeling
????? Customer Service Skills
????? Creative Problem Solving Skills
????? Strong Analytical Skills
????? Project Management Skills
????? Multitasking Skills
????? Leadership Skills
????? Curriculum Development
????? Excellent Communication Skills
????? SAT Prep
????? Knowledge of Educational Philosophies
????? Informal and Formal Assessments
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
the year ended June 30, Expenses: General government Public safety Public works Health and sanitation Culture and recreation. Interest on long-term debt, governmental type Water and sewer system...
-
Why are temporary accounts closed at the end of the accounting period?
-
At the end of the fiscal year on June 30, 2010, Weisz Industries had unpaid accrued wages of $ 260,000. Assuming a FICA tax rate of 7.65 percent, a FUTA tax rate of 0.6 percent, and a SUTA tax rate...
-
All else equal, a large sell off in the equity markets (decline in the S&P 500 and the Dow Jones Industrial Average) would be the most likely result from the reporting of a much higher than expected...
-
Explain the meaning of the term "payroll taxes."
-
In 1969, the secretary of transportation approved a plan to extend an interstate highway through Overton Park in Memphis, Tennessee. A group of environmentalists petitioned the courts, seeking to...
-
What is the working principle of an electrodynamic transducer?
-
Your client, Edgartown Corporation, prepared the following schedule of land, buildings and equipment for the audit of financial statements for the year ended December 31, 2011: a. What type of...
-
2. Complete the partial ALU table below by setting the flags that need to be set in order to achieve the desired operation. (6 pts) zx nx zy ny f if f out if zx then X=0 if nx then x=1x if zy then...
-
Peachtree Delivery Service is owned and operated by Terry Young. The following selected transactions were completed by Peachtree Delivery Service during February: Indicate the effect of each...
-
Which of the following accounts needs no closing entries? a. Capital b. Supplies Expense c. Fees Owed d. All of the above
-
On a separate sheet of paper, write a brief definition for each of the following terms. closing entries compound entry Income Summary account post-closing trial balance
-
Convert to an equation in rectangular coordinates. r = 2 sin
-
Based on the following list, what are the four main components of the DCF (Discounted Cash Flow) Model? 1.Operating and fixed capital allocations, and WACC 2.Regulatory compliance and reporting...
-
The initial investment is $5,000 for fixed assets. The net annual cash inflow from the business will be as follows: Year 1 = $1,000 Year 2 = $2,000 Year 3 = $3,000 Year 4 = $4,000 Year 5 = $5,000...
-
Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total...
-
Blossom Corporation has collected the following information after its first year of operations. Sales were $1,250,000 on 125,000 units, selling expenses $250,000 (40% variable and 60% fixed), direct...
-
1. Why do some public sector employees join unions? Why do others fail to join?
-
Ospry Company has working capital in the amount of $1,240,000. For each of the following transactions, determine whether working capital will increase, decrease, or remain the same. a. Paid accounts...
-
You continue to work in the corporate office for a nationwide convenience store franchise that operates nearly 10,000 stores. The per- store daily customer count (i.e., the mean number of customers...
-
Discuss some of the ways that air transportation can change other aspects of a Place system.
-
Explain which transportation mode would probably be most suitable for shipping the following goods to a large Los Angeles department store: a. 300 pounds of Maine lobster. b. 15 pounds of...
-
Indicate the nearest location where you would expect to find large storage facilities. What kinds of products would be stored there? Why are they stored there instead of some other place?
-
Question 1: How do strategy and tactical action relate to each other in an organization? Question 2: How can you improve the implementation of strategy in this business organization?...
-
Larkin Corporation sells products for $125 each that have variable costs of $50 per unit. Larkin's annual fixed costs are $430,000. (10 points Total) a. What is Larkin's contribution margin per unit?...
-
Find the determinant of the linear transformation T(M): [3] M from the space V of 22 upper triangular matrices to V.
Study smarter with the SolutionInn App