If a Segment of Business Is Considered a Profit Center

question 78

Multiple Choice

If a segment of business is considered a profit center

• A) it must sell products or services to customers outside the business.
• B) both revenue and cost data must be accumulated for the segment.
• C) no indirect expenses can be allocated to the segment.
• D) only revenue is accumulated for the segment.

Describe the steps in the accounting cycle, including the preparation of financial statements in a specific order.

Comprehend the utility and preparation process of work sheets and closing entries.

Understand and apply journal entry preparation for various accounting transactions.

Grasp the importance of accurately adjusting trial balances and their effects on financial statements.

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Definitions:

Terminate

To terminate means to bring something to an end or to conclude.

Advance Career

Actions or steps taken to progress professionally in one's job or occupation, aiming for higher positions, increased responsibility, or specialized knowledge.

Employed

Employed refers to an individual who works part-time or full-time under a contract of employment, whether oral or written, express or implied, and has recognized rights and duties.

Networking

Making contacts with relatives, friends, and acquaintances who may have information about how to find a job in your field.