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Answer:
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Answer:
The answer is Deferred tax asset and Deferred tax liability.
Explanation:
Unearned revenue creates deferred tax asset. In here, taxes have been paid because income has been received but have not been recognized on the income statement because according to the revenue recognition, the services for the revenue has not been rendered.
Prepaid expenses give rise to deferred tax liability. In here, taxes have been recognized on income statement but the actual tax has not been paid. Income tax expense on income statement is greater than taxes payable
Answer: c. To reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.
Explanation:
Closing entries are the journal entries that are made at the end of an accounting period in order to be able to transfer temporary accounts to the permanent accounts.
The primary purpose of closing entries is to reduce the balances of revenue and expense accounts to zero so that they may be used to accumulate the revenues and expenses of the next period.
Therefore, the correct option is C.
Answer:
The indifference policy advocates that dividends are irrelevant.
Explanation:
The indifference Policy holds that that dividends do not add value to a company’s stock price.
According to this theory, investors do not need to concern themselves with a company's dividend policy since they have the option to sell a portion of their portfolio of equities if they want cash.
This school of thought believes that a company’s declaration and payment of dividends should have little to no impact on the stock price.
