INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The balance sheet has a close relationship with the company’s
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Mortgage
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Income statement
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Fair market value
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Statement of financial position
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Explanation:
Detailed explanation-1: -Close the income statement accounts with debit balances (normally expense accounts) to the income summary account. After all revenue and expense accounts are closed, the income summary account’s balance equals the company’s net income or loss for the period.
Detailed explanation-2: -What Is a Closing Entry? A closing entry is a journal entry made at the end of accounting periods that involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet.
There is 1 question to complete.