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11) Correcting entries are made
after closing entries.
at the beginning of an accounting period.
at the end of an accounting period.
whenever an error is discovered
12) Income Summary has a credit balance of $17,000 after
closing revenues and expenses. The entry to close Income
Summary is
credit Income Summary $17,000, debit Retained Earnings
$17,000.
debit Income Summary $17,000, credit Dividends $17,000.
credit Income Summary $17,000, debit Dividends $17,000.
debit Income Summary $17,000, credit Retained Earnings
$17,000
13) IFRS
requires a specific format for the balance sheet (statement of
financial position) that is identical to U.S. GAAP.
requires a specific format for the balance sheet (statement of
financial position) that is different from U.S. GAAP.
requires no specific format for the balance sheet (statement of
financial position) but most companies that follow IFRS prepare
the statement in a different format from U.S. GAAP.
requires no specific format for the balance sheet (statement of
financial position) but most companies that follow IFRS prepare
the statement identical to U.S. GAAP.