1- After all the closing entries have been posted, the balance of the income sum

Question

1- After all the closing entries have been posted, the balance of the income summary will be
Answer

A. a debit if a net income has occurred.

B. a debit if a net loss has occurred.

C. a credit if a net loss has occurred.

D. zero.



2-Which of the following presents key aspects of the process of accounting in the correct chronological order?
Answer

A. Totaling, auditing, and budgeting

B. Budgeting, recording, and communicating

C. Recording, totaling, and auditing

D. Identifying, recording, and communicating

Explanation / Answer

1.B. a debit if a net loss has occurred. 2.D. Identifying, recording, and communicating

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