The normal balance of Income Summary is:
A) debit.
B) credit.
C) The account does not have a normal balance.
D) It depends on the change of the inventory balance.
Answer: C
Business
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Which of the following is true of the sales budget?
A) It provides sales data that is used to prepare financial statements for external reporting purposes. B) It captures the variable and fixed expenses of the business. C) It is used in the production budget. D) It shows the cost of expected production in a period.
Business
Bankruptcy discharge is:
a. illegal b. when a third party steps in to pay the debtor's debts c. when creditors forgive all debt d. the final stage of the bankruptcy proceeding for individuals e. none of the other choices are correct
Business