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listed as a long-term investment on the balance sheet.
listed under current assets on the balance sheet.
not listed on the balance sheet because they do not have physical
substance.
long-lived assets that are often very valuable
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.