Income summary does not need to be closed at the end of accounting period.
举一反三
- Unearned revenue is closed to the income summary account at the end of the accounting period.
- Unearned revenue is closed to the income summary account at the end of the accounting period. A: 正确 B: 错误
- Which of the following statements about temporary account is not correct: A: All temporary accounts are closed at the end of each accounting period. B: In the post-closing trial balance, the temporary accounts are reset to zero ending balances. C: Revenue and owner’s capital account are examples of temporary accounts. D: Income summary is a temporary account used for the closing process.
- Many of the business transactions affect the net income of more than one accounting period.
- __________ of the profitability of the firm over a period of time such as a year. ( ) A: The income statement is a summary B: The balance sheet is a summary C: The audit report is a summary D: That statement of cash flows is a summary