Changes to the Chart of Accounts May Be Made_____

question 1

Multiple Choice

Changes to the chart of accounts may be made_____ .

• A)at the beginning of a fiscal period
• B)before the end of the fiscal year
• C)at any time
• D)once established the chart of accounts may not be modified

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Definitions:

Operating Expenses

Costs incurred in the normal operations of a business, such as salaries, utilities, and rent, exclusive of cost of goods sold.

Revenue Recognition

Revenue Recognition is the accounting principle that dictates the specific conditions under which income becomes recognized as revenue.

Goods Delivered

Refers to products or merchandise that have been transported and received by the buyer.