Many of the business transactions affect the net income of more than one accounting period.
举一反三
- Plant assets are: A: Tangible assets used in the operation of a business that have a useful life of more than one accounting period. B: Current assets. C: Held for sale. D: Intangible assets used in the operations of a business that have a useful life of more than one accounting period. E: Tangible assets used in the operation of business that have a useful life of less than one accounting period.
- Given diminishing marginal utility of income, more income in one period can not ___________for lower income in another period. A: offsets B: compromises C: compensates D: compliments
- Income summary does not need to be closed at the end of accounting period.
- Unearned revenue is closed to the income summary account at the end of the accounting period.
- A balance sheet reflects the business’ financial performance for an accounting period.