Answer:
period of the sale of the product.
Explanation:
As we know that
When we purchase the product in most cases the product warranty comes along with it
So if there is a case of damage or repair than it would be replaced with the new product
Plus the cost of the product warranty should be included as an expense in the period when the product is sold as it is attached to the product and the same is charged by the customer
I think it would be D-Reduce expences
Answer: C) journalized in the general journal.
Explanation: Closing entries are the journal entry that is done in the accounting field in manual manner.The entry is done to move the temporary accounts into the permanent accounts. They are made at the completion of the accounting time in general journal .
Other options are incorrect because it is a necessary task to do in accounting field. It is not shifted from ledger account towards worksheet and it doesn't end the real account.Thus, the correct option is option(C).
Adam smith is the correct answer.
Answer:
b. There can be no cash inflow or cash outflow without a corresponding change in a non-cash account.
Explanation:
There is only one cash account and no other account, if there is an inflow, there will be some non cash account related as for example, cash received from customers as is non cash account, accounts receivables.
Also in case of cash outflow, there will be some non cash account responsible for such transactions. As for example, payment for acquiring land, land is fixed asset which is a non cash account.
All other statements are incorrect.
