Travel by Bus and Pawn-Shop Services Would Be Expected to Be

question 21

Multiple Choice

Travel by bus and pawn-shop services would be expected to be examples of:

• A) normal goods.
• B) inferior goods.
• C) substitute goods.
• D) complementary goods.

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Definitions:

Adjusting Entries

Entries in the books of accounts made during the final part of an accounting cycle to distribute profits and costs to their rightful period.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.

Adjusting Entries

Records entered into accounting logs at the close of an accounting period to assign earnings and expenses to the period they truly happened.

Worksheet

A document or spreadsheet used in accounting to compile data and calculations for reporting purposes.