Misc. MCQ
A system of internal control is described as: including aspects of administrative controls and accounting controls. all procedures adopted by an entity to control its activities and protect its assets. all measures used by a business to promote the reliability of accounting data. all of these options. Closing entries refer to: establishing zero balances in the balance sheet accounts. transferring income and expense account balances to the profit or loss summary account, which is then closed to the equity account. establishing a zero balance in the cash at bank account. establishing zero balances in all ledger accounts. Which of the following is a permanent account? Sales revenue Unearned revenue Rent expense Depreciation The main reason for…
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