Churches,the YMCA,the Salvation Army,and the Nature Conservancy Are Examples of

question 93

Multiple Choice

Churches,the YMCA,the Salvation Army,and the Nature Conservancy are examples of

• A)corporations.
• B)non- profit organizations.
• C)partnership.
• D)single proprietorship.
• E)limited partnership.

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Definitions:

Accounting Cycle

A series of steps performed during an accounting period to analyze, record, classify, summarize, and report financial information, culminating in the preparation of financial statements.

Adjusted Trial Balance

A list of all the accounts of a company, showing the balance of each account after adjusting entries have been made for closing the period.

Current Assets

Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of a business, whichever is longer.

Reversing Entries

These are accounting journal entries that reverse a previous entry, usually made at the beginning of a new accounting period to simplify record-keeping.