Values Are

question 62

Multiple Choice

Values are:

• A) physical objects that a society creates
• B) modes of behavior shared by all human cultures
• C) concrete rules of behavior
• D) bargains you find when shopping
• E) abstract ideals about what is good and bad

---

Definitions:

Quarter

A three-month period on the financial calendar that acts as a basis for periodic financial reporting and dividends.

Post-Closing Trial Balance

A summary of all accounts after closing entries are made, used to check the accuracy of closing entries and the balance of permanent accounts.

Adjusted Trial Balance

A list of all accounts and their final balances after all end-of-period adjusting entries have been made, used to prepare financial statements.

Revenue Recognition

The accounting principle that determines the specific conditions under which revenue is recognized and recorded in financial statements.