Which of the Following Columns of the Worksheet Are Referred

question 19

Multiple Choice

Which of the following columns of the worksheet are referred to when preparing closing entries to the Income Summary?

• A) Adjusted trial balance columns
• B) Balance sheet columns
• C) Adjustments columns
• D) Income statement columns

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Definitions:

Amortize

The process of spreading the cost of an intangible asset over its useful life or a debt over a specified period of time for accounting and tax purposes.

Deplete

Deplete means to use up or exhaust the supply or reserves of a natural resource, often associated with mining, oil extraction, and logging operations.

Cash Expenditures

Payments by cash or cash equivalents to acquire goods, services, or assets.

FOB Destination

A shipping term indicating that the seller bears the transport costs and retains ownership until the goods reach the buyer's location.