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Which of the following is true concerning temporary and permanent accounts?A. Cash is a temporary accountB. Permanent accounts r

Agata [3.3K]

Answer:

Option B. Permanent accounts represent activity over the entire life of the company is TRUE,

Explanation:

Briefly, temporaty accounts are closed at the end of the year, their balance is zeroed every year by transferring the balance to another account.

Then, option D. Temporary accounts represent activity over the previous three years is FALSE.

In contrast, the balance of permanent accounts are carried forward to the following year.

Then, option B. Permanent accounts represent activity over the entire life of the company is TRUE, and option C. Permanent accounts must be closed at the end of every reporting period is FALSE.

Most of the balance sheet accounts are permanent accounts. Some typical examples are Cash, Receivables, Inventory, Equipment, Payables, Capital, Retained Earnings.

Then, the option A. Cash is a temporary account, is FALSE.

The income statement accounts are temporary accounts: Revenues, Expenses, Gains, Losses.

3 0

4 years ago

Assume $1,000 is deposited in a checkable account by Mr. Y in Bank A. Assume further that the reserve requirement is 0.10. The i

scZoUnD [109]

Answer:

$900

Explanation:

As $1,000 is deposited in the account by Mr. Y in the Bank A. But the further requirement of the reserve is 0.10. So, it will amounts to:

Amount of reserve requirement = Amount deposited × Requirement of reserve

where

Amount deposited is $1,000

Requirement of reserve is 0.10

= $1,000 × 0.10

= $100

Therefore, the initial amount of the money that created by excess reserve is:

= Amount deposited - Amount of reserve requirement

= $1,000 - $100

= $900

6 0

4 years ago

The following balance sheet for the Hubbard Corporation was prepared by the company:

fredd [130]

Answer:

Please find attached classified balance sheet as requested

Explanation:

Please find attached balance sheet for HUBBARD CORPORATION

3 0

3 years ago

Alec, Daniel, William, and Stephen decide today to save for retirement. Each person wants to retire by age 70 and puts $9, 200 i

shepuryov [24]

Find the attachment for complete question and its solution.

6 0

3 years ago

Read 2 more answers

In general, managing global operations is made easier by __________ and __________.

Scorpion4ik [409]

The two things that made managing global operations to be easier are the following;

· Technology – Machines and scientific knowledge that are helpful in advancing and dealing with certain fields to make it easier and to develop

· Free Trade – This is a way of having imports or exports to be made to different countries in which the government of a certain country does not restrict or prevent it from happening.

4 0

4 years ago