Identify Properties of the Real Numbers
- $$( 7 + 3 ) + 4 = ( 3 + 7 ) + 4$$

question 77

Multiple Choice

Identify Properties of the Real Numbers
- $$( 7 + 3 ) + 4 = ( 3 + 7 ) + 4$$

• A) Commutative property of addition
• B) Associative property of addition
• C) Distributive property of multiplication over addition
• D) Inverse property of addition

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances before preparing financial statements.

Financial Statements

Documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

Journalized

The process of recording transactions in a journal before they are posted to the general ledger in accounting.

Income Summary Account

A temporary account used in the closing process that aggregates all income and expense accounts to determine net income or loss for a period.