Traditionally, There Are_______ Broad Categories of Crimes

question 124

Multiple Choice

Traditionally, there are_______ broad categories of crimes.

• A) ten
• B) five
• C) three
• D) two

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Definitions:

Closing Entry

Entries recorded at the conclusion of an accounting period for the purpose of shifting balances from temporary accounts to permanent ones.

Balance Sheet Account

An account displayed on the balance sheet, which includes assets, liabilities, and equity accounts, representing a snapshot of a company's financial position at a specific point in time.

Accounting Cycle

The collective process of recording and processing the accounting events of a company, from the initial transaction to the preparation of financial statements.

Journalizing Transactions

The act of recording business transactions into accounting records in chronological order.