The answer is true. Temporary accounts are transient accounts that open with no balance at the beginning of each accounting period and close at the conclusion in order to preserve a record of accounting activity during that period.
They consist of the spending accounts, income statements, and income summary accounts. Permanent accounts include cash accounts such as accounts receivable and accounts payable. The terms asset, liability, equity, inventory, balance investments, etc. are other examples of permanent accounts. An account that shuts at the conclusion of each accounting period and has no balance when a new period starts is referred to as a transitory account.
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<h2>Let us understand the definition to shoot the question for better understanding.</h2>
Explanation:
Sole Proprietorship:
- Owned by single person
- One person responsible for liable and business
- Simple to form
- Nominal cost
Corporations:
- Legal entities
- Shared by shareholders
- More complex type
- Used for large business
Partnership:
- Shared by two or more people
- Types :general partnerships, limited partnerships, joint ventures
Questions: (reason not required as you can self-understand)
- Are you going to own by oneself or shared?
- Can you manage if you own with oneself?
- What is your budget?
- Do you want to make simple legal procedures?
- Which type of partnership you prefer?
- Do you now the "pros and cons" of each one?
<span>The soap manufacturer is in the decline stage of plc.As the company that manufactures soaps begins to sell them to restaurants and hotels to extend their product's life tells that their soap is not being purchased by customers and so as to overcome their cost of making soap they are selling it to restaurants and hotels.</span>
Answer:
$30,000
Explanation:
The computation of the amount received by Janet is given below:
Loss on sale of other assets is
= $150,000 - $50,000
= $100,000
Share of Janet in loss is
= $100,000 × 5 ÷ 10
= $50,000
So,
Janet revised capital balance is
= $80,000 - $50,000
= $30,000
Answer:
i hope all are safe and gappy in this time take care of youreself also health first thsn any work