profit or loss in a given period is closed into retained earnings * 3 points\ntrue\nfalse\nthe securities…

profit or loss in a given period is closed into retained earnings * 3 points\ntrue\nfalse\nthe securities and exchange commission * 3 points\nexerts power over public company reporting in the securities exchange act of 1934\ntrue\nfalse\nuncollectible accounts do not represent a * 3 points\nbusiness expense\ntrue\nfalse\n\working capital\ represents current assets * 3 points\nminus current liabilities\ntrue\nfalse

profit or loss in a given period is closed into retained earnings * 3 points\ntrue\nfalse\nthe securities and exchange commission * 3 points\nexerts power over public company reporting in the securities exchange act of 1934\ntrue\nfalse\nuncollectible accounts do not represent a * 3 points\nbusiness expense\ntrue\nfalse\n\working capital\ represents current assets * 3 points\nminus current liabilities\ntrue\nfalse

Answer

Brief Explanations:

  • For the first statement, at the end of an accounting period, profit or loss is transferred to retained earnings, so it's true.
  • The Securities and Exchange Commission (SEC) has the power to oversee public - company reporting as per the Securities Exchange Act of 1934, so the second statement is true.
  • Uncollectible accounts are considered bad - debt expenses in business, so the third statement is false.
  • Working capital is calculated as current assets minus current liabilities, so the fourth statement is true.

Answer:

  1. A. true
  2. A. True
  3. B. False
  4. A. True