Question 19. Question :
A classified balance sheet:
Measures a company's ability to pay its
bills on time
Organizes assets and liabilities into
important subgroups
Presents revenues, expenses and net
income
Reports operating, investing and
financing activities
Reports the effect of profit and dividends
on retained earnings
Question 20. Question :
The special account used only in
the closing process to temporarily hold the amounts of revenues
and expenses before the net difference is added to (or subtracted
from) the retained earnings account is the:
Income Summary account
Closing account
Balance column account
Contra account