Match Each Statement with a Correct Choice

question 83

Short Answer

Match each statement with a correct choice. Choices may be used more than once.
a. Increases the probate estate
b. Decreases the probate estate
c. Has no effect on the probate estate
-After death, vacation home is destroyed by fire.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, thereby preparing the company's books for the next period.

Net Income

The net income of a business once all costs, taxes, and deductions are taken from the overall revenue.

Double Rule

A method used in accounting to underline totals for certain accounts or figures, indicating a sum or conclusion.

Closing Process

The series of steps performed at the end of an accounting period to prepare the books for the next period, including updating accounts and transferring balances.