Which of the Following Is an Example of a Material

question 26

Multiple Choice

Which of the following is an example of a material artifact?

• A)The worn path across a campus
• B)Graffiti on the walls
• C)Buttons from a Civil War soldier's uniform
• D)The wear on the floor tiles of a supermarket
• E)The wear on the pages of a library book

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Definitions:

Net Income

The total profit of a company after all expenses, including taxes, have been deducted from revenues.

Closing Entries

These are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts, hence preparing the books for the next period.

Revenue Accounts

Accounts used to record the income generated from the sale of goods or services in the normal course of business.

Expense Accounts

Accounts in financial accounting that track the costs of operating a business, including costs for materials, labor, and overhead.