Which of the Following Would Be Referred to as a Common

question 80

Multiple Choice

Which of the following would be referred to as a common carrier?

• A)Taxi-cab
• B)Trucking company
• C)City bus
• D)Fire department vehicle

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Definitions:

Closing Entries

Entries made in the accounting records at the end of an accounting period to prepare the accounts for the next period.

Journalized

The process of recording transactions in the journal, the first step in the accounting cycle.

Interim Accounting Period

A financial reporting period that is shorter than a full fiscal year, often quarterly or monthly.

Financial Statements

Reports that summarize the financial performance, position, and cash flows of a business over a specific period.