Sarbanes Oxley act was passed to Keep managers from doing something illegal, improve reporting by companies Prepaid insurance is a Asset After the Statement of Owners Equity what goes onto the balance sheet? Ending Capital Balance

Asset

Rent expense is an

Expense

Sarbanes Oxley act was passed to

Keep managers from doing something illegal, improve reporting by companies

Prepaid insurance is a

Asset

After the Statement of Owners Equity what goes onto the balance sheet?

Ending Capital Balance

Accounts Payable is a

Liability

Bruce Wayne, capital

permanent account

Wages earned but not yet paid amounted to 500. The

Debit wagers expense and credit wages payable

Do you close assets?

No

For a corporation,

…

Which is an example of a long term debt

Mortgage payable

What do preferred stock shareholders give up in order to get the…

the right to vote on corporate issues

Things that effect owners equity

…

The purpose of the post closing trial balance

to ensure the debits equal the credits

Income statement

Contains only temp accounts
It is the first statement to be prepared

The income statement does not report

withdrawals

Workers compensation insurance

injured on the job

Any person who agrees to perform service for a fee and is not subject to…

independent contractor

the account to which the income summary is closed is called

capital

Three rules of accounting

Not a math class, not a science class and you are not the bank

 

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