not listed on the balance sheet because they do not have physical substance .
long-lived assets that are often very valuable 11 ) Correcting entries are made after closing entries . at the beginning of an accounting period . at the end of an accounting period . whenever an error is discovered
12 ) Income Summary has a credit balance of $ 17,000 after closing revenues and expenses . The entry to close Income Summary is
credit Income Summary $ 17,000 , debit Retained Earnings $ 17,000 . debit Income Summary $ 17,000 , credit Dividends $ 17,000 . credit Income Summary $ 17,000 , debit Dividends $ 17,000 . debit Income Summary $ 17,000 , credit Retained Earnings $ 17,000 13 ) IFRS
requires a specific format for the balance sheet ( statement of financial position ) that is identical to U . S . GAAP .
requires a specific format for the balance sheet ( statement of financial position ) that is different from U . S . GAAP .
requires no specific format for the balance sheet ( statement of financial position ) but most companies that follow IFRS prepare the statement in a different format from U . S . GAAP .