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Accounting Entries Made at the End of an Accounting Year

question 3

Multiple Choice

Accounting entries made at the end of an accounting year to reduce expense and income accounts to zero are called:

Definitions:

Demand

The amount of a particular good or service that consumers are willing and able to purchase at various prices during a certain period of time.

Midpoint Formula

A more precise way of calculating percentages using the value halfway between P1 and P2 for the base in calculating the percentage change in price and the value halfway between Q1 and Q2 as the base for calculating the percentage change in quantity demanded.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating how sensitive consumers are to price changes.

Hamburger

A popular fast food item consisting of a cooked patty of ground meat, typically beef, placed inside a sliced bun often accompanied with various condiments and toppings.