At What Phase Would You Expect to Find Extremely High

question 141

Multiple Choice

At what phase would you expect to find extremely high and low tides?

• A) new moon
• B) both new and full moons
• C) first and third quarter
• D) full moon
• E) Moon phases do not impact the tides.

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Definitions:

Cash Basis

An accounting method where revenues and expenses are recorded when they are actually received or paid, not when they are incurred.

Adjustments

Entries made in accounting records to correct or update financial information.

Accrued Items

Expenses or revenues that have been incurred or earned but have not yet been recorded or paid.

Time Period Assumption

An accounting principle that assumes a business's complex financial activities can be divided into shorter, discrete time periods, such as months, quarters, or years.