Which of the following accounts is not closed to Income Summary at the end of the accounting period?

Like the income statement, the balance sheet reports the assets and liabilities of an organization over some period of time.

a. true b. false

Which one of the following statements is correct?

A. A longer payback period is preferred over a shorter payback period. B. The payback rule states that you should accept a project if the payback period is less than one year. C. The payback period ignores the time value of money. D. The payback rule is biased in favor of long-term projects. E. The payback period considers the timing and amount of all of a project's cash flows.