The Presence of Oxygen in Earth's Atmosphere Is Thought to Result

question 1

Multiple Choice

The presence of oxygen in Earth's atmosphere is thought to result directly from what type of process?

• A) volcanic eruptions
• B) outgassing of the oceans
• C) original condensation of interplanetary gas clouds
• D) biological activity of plants and animals

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Definitions:

Adjusting Entries

Journal entries made in accounting at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Unadjusted Trial Balance

A listing of all accounts in the general ledger with their balances before any adjustments are made for the end of the accounting period.

Drawing Account

A drawing account is used to track the money or goods withdrawn by the business owner for personal use from the business.

Net Loss

The amount by which total expenses exceed total revenues in a business, indicating a negative financial performance over a specific period.