Depreciation expense-building is a permanent -true or false

Assignment Help Accounting Basics

Reference no: EM132787533

True or false

Question 1: The balance of the owner's capital account represents the cumulative net result of income, expense and withdrawal transactions.

Question 2: Closing entries clear income and expense accounts at the end of the period.

Question 3: Trial balances are prepared primarily to ensure that no entries have been omitted.

Question 4: In the accounting cycle, closing entries are prepared before adjusting entries.

Question 5: In the accounting cycle, information from source documents is initially recorded the journal.

Question 6: Nominal account balances are reduced to zero by closing entries.

Question 7: Closing entries deal primarily with the balances of real accounts.

Question 8: The only accounts that are closed are income statement accounts.

Question 9: Closing entries result in the transfer of profit or loss into the owner's Capital account.

Question 10: After all closing entries have been entered and posted, the balance of the Income Summary account will be zero.

Question 11: Depreciation Expense-Building IS a permanent account

Reference no: EM132787533

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