If It Is 10:00 A

question 29

Multiple Choice

If it is 10:00 A.M. EST in Washington, D.C., what is the time in San Diego, California, the longitude of which is 45° more westerly?

• A) 1:00 P.M. PST
• B) 7:00 A.M. PST
• C) 10:00 A.M. PST
• D) 9:00 A.M. PST

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Definitions:

Accounting Period

The time span during which financial activities are recorded and reported, commonly a fiscal year or quarter.

Expense Accounts

Accounting categories used to track money spent or costs incurred in a company’s operations.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate revenue and expenses to the proper period.