Net loss is closed to capital by debiting Income Summary and crediting capital account.Select one:TrueFalse

Net loss is closed to capital by debiting Income Summary and crediting capital account.Select one:TrueFalse

If an entity fails to accrue expenses at year end, the net income is:Group of answer choicesOverstatedUnderstatedUnaffectedconverted into net loss PreviousNext

Which of the following should be closed to Income Summary?*a. Accumulated Depreciationb. Withdrawalsc. Salary Expensed. All of these

__________ account deficit is financed by net capital flows from the rest of the world, thus by a capital account surplus.

The essence of working capital management is to minimise working capital via prolonging payables and shortening receivables.Select one:TrueFalse