In Completing the Work Sheet,what Is the Reason for Adding

question 94

Multiple Choice

In completing the work sheet,what is the reason for adding the net income for the year to the Balance Sheet Credit column?

• A) Owner's equity is not up-to-date.
• B) Cash is not up-to-date.
• C) Owner's withdrawal is not up-to-date.
• D) Sales is not up-to-date.

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Definitions:

Negotiable Instrument

An official paper that obligates the payment of a fixed money amount, which can be demanded at any time or paid at a specific interval, with the document listing the responsible payer's name.

Words of Negotiability

Specific legal phrases or terms used in a financial instrument that indicate its transferability or negotiability.

Bearer Instrument

A negotiable financial instrument that entitles the holder or bearer to the rights stated on the document.

Truth-in-Savings Act

A U.S. federal law designed to promote the disclosure of account terms and fees to consumers, particularly regarding savings accounts and interest-earning bank accounts.