It Is the Year End, but Not the Pay Period

question 126

Multiple Choice

It is the year end, but not the pay period end. How will this affect the balance sheet?

• A) Assets will be increased.
• B) Liabilities will be increased.
• C) Owner's equity will be increased.
• D) This has no effect on the period end balance sheet.

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Definitions:

Federalists

Supporters of the ratification of the U.S. Constitution and the creation of a strong federal government.

Democratic Ethos

The set of beliefs and values that emphasizes the importance of participation in the democratic process, equality, and the welfare of the community.

Popular Self-Government

A form of government based on the principle that the authority of the government is created and sustained by the consent of its people, through their elected representatives.

Shawnee Chief

A leader among the Shawnee people, a Native American tribe historically located in the northeastern and midwestern United States.