The Number Appearing Immediately Following the Decimal Place in a Regulation

question 14

Multiple Choice

The number appearing immediately following the decimal place in a regulation citation refers to the

• A)general subject matter of the regulation.
• B)code section being interpreted.
• C)sequential number of the regulation.
• D)subsection of the Code section being interpreted.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Unadjusted Trial Balance

A list of all the accounts and their balances from the general ledger before any adjusting entries are made.

Gross Profit

The difference between sales and the cost of goods sold.

Periodic Inventory Method

An accounting approach where inventory is physically counted at specific intervals to determine the cost of goods sold and ending inventory levels.