When Transactions Are Recorded in at Least Two Separate Accounts

question 31

Multiple Choice

When transactions are recorded in at least two separate accounts that are equal and offsetting,this is referred to as

• A)double-entry accounting.
• B)posting to the general ledger.
• C)date entry.
• D)transaction analysis.
• E)all of the above

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Definitions:

Adjusted Trial Balance

A compilation of all accounts along with their balances, post-adjustment entries, employed during the creation of financial reports.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts and prepare the company's books for the next period.

End-of-period Spreadsheet

A financial document used to summarize account balances and adjustments at the conclusion of an accounting period before preparing financial statements.

Closing Entries

Entries recorded at the conclusion of a fiscal period to move balances from temporary accounts to permanent ones, thus readying the accounts for the upcoming period.