Temporary accounts of a business include: I - Assets, Liabilities and Equity II - Revenue and Expenses

Fantastic news! We've Found the answer you've been seeking!

Question:

Temporary accounts of a business include:

I - Assets, Liabilities and Equity
II - Revenue and Expenses
III - Dividends
IV - Retained Earnings

a. I & II

b. III & IV

c. II & IV

d. II & III

e. II only

Related Book For answer-question

Advanced Accounting

ISBN: 9780132568968

11th Edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

See More Books

Posted Date: Mar 01, 2022 03:55 AM

See More Questions

Assets Liabilities and Equity Cash $40,000 Accounts payable $200,000 Accounts receivable 200,000 Accrued wages 50,000 Secured bank loan 150,000 Unsecured bank loan 250,000 Inventory 400,000 Mortgage...
Annual Leave impacts the accounts of a business as follows: The cost of annual leave is an expense. The accrual of annual leave creates a liability for the business. When annual leave is taken or...
Gotbucks Bank, Inc. (dollars in millions) Assets Liabilities and Equity Cash 36 Core deposits 38 Federal funds 26 Federal funds 56 Loans (floating) 111 Euro CDs 136 Loans (fixed) 71 Equity 14 Total...
State whether the following statement are True or False An increase in the owner(s) equity, in the absence of any further investment by the owners is typically effected by sale transactions.
Grade point averages of students on a large campus follow a normal distribution with a mean of 2.6 and a standard deviation of 0.5. a. One student is chosen at random from this campus. What is the...
Reconsider Prob. 15-28. Using EES (or other) software, study the effects of varying the percentages of CH4, H2, and N2 making up the fuel and the product gas temperature in the range 5 to 150oC.
In this exercise you will use $\mathrm{R}$ to compute the normal density and the cumulative distribution functions using dnorm and pnorm. a. For any given values of mu, sigma, and y, what value does...
Refer to Exercise E21-18. In E In May 2016, RefreshAde produced 20,000 cases of powdered drink mix and sold 23,000 cases, of which 3,000 were produced in April. The sales price was $30, variable...
Please solve this question with clear steps.And.Check the answers or make sure that they are right. Image transcription text 4 QUESTION 4 (40 Points) Using the finite element method, determine the...
For the circuit shown in Fig. P1.78, first evaluate Ti (s) = Vi (s)/Vs (s) and the corresponding cutoff (corner) frequency. Second, evaluate To (s) = Vo (s)/Vi (s) and the corresponding cutoff...
PAGCOR-licensed Poker House to open at Limketkai, A PAGCOR-licensed Poker House will soon open at Limketkai Center. This after the Cagayan de Oro City Council passed a resolution interposing no...
Your company's strength and weakness are internal to your company; thus, the company executive have full control over how to improve their strength and reduce the effect of the weakness. However,...
As we can see from the Ury and Gallo readings and from the Elizabeth Lesser TED Talk, we are often interacting with people who appear to be difficult or whom we sometimes have trouble understanding....
Whilst CPM/CPA is a widely adopted project management tool, what are its disadvantages? NOTES: Please give pros and cons and real company examples of where it has FAILED and worked Please answer...
Identify a specific organization that is considering diversifying their business activities into other types of businesses and, relying solely on your impressions, evaluate whether or not the...
The cash flows associated with three investments are provided below. What is the maximum amount you are willing to pay for each investment? Assume a 12.00% discount rate. ? End of Year 1 SAW N 3 4 5...
Problem 3.5 (4 points). We will prove, in steps, that rank (L) = rank(LT) for any LE Rnxm (a) Prove that rank (L) = rank (LTL). (Hint: use Problem 3.4.) (b) Use part (a) to deduce that that rank(L) =...
Intercompany investment percentages and 2011 earnings for three affiliates are as follows: REQUIRED: Compute controlling share of consolidated net income and noncontrolling interest share for2011....
What procedure is used to allocate the investment purchase price at the date of acquisition of a foreign subsidiary?
The financial statement and trial balance workpaper approaches illustrated in the chapter generate comparable information, so why learn both approaches?
Show that the log-likelihood in equation (12.2) has a maximum at $\widehat{\mu}=\bar{y}$. n L() Inf(y,) = (-+y; In - In y;!). i=1 i=1 (12.2)
Consider a random walk $\left\{y_{t} ight\}$ as the partial sum of a white noise process $\left\{c_{t} ight\}$. a. Show that the $l$-step forecast error is...
A mutual fund has provided investment yield rates for five consecutive years as follows: Determine $r_{1}$ and $r_{2}$, the lag 1 and lag 2 autocorrelation coefficients. Determine $r_{1}$ and...

Temporary accounts of a business include: I - Assets, Liabilities and Equity II - Revenue and Expenses

Question:

Expert Answer:

e II only A temporary account is an account that begins each fiscal year with a zero ba... View the full answer

Advanced Accounting

Students also viewed these accounting questions