Accountıng I Deneme Sınavı Sorusu #1176940
The company has 15,000 liras of revenues and 3,000 liras of expenses.
Which of the following statement is TRUE about this company's closing process?
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12,000 liras of revenue will be posted to Income Summary account. |
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3,000 liras of expense will be posted to credit side of Income Summary account. |
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15,000 liras of revenue will be posted to debit side of Income Summary account. |
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The company has a loss of 3000 liras. |
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12,000 liras of profit is transferred to Capital account. |
If the revenue exceeds expenses , then profit occurs. In this example, the revenue exceeds the expense by 10.000 liras, which means that the company has a profit of 10,000 liras. If expenses exceed revenues, then loss occurs. The balance of the Income Summary account, the 10,000 lira profit- is transferred to Capital account.
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