At the End of the Accounting Period

question 125

Multiple Choice

At the end of the accounting period:

• A)all accounts are closed.
• B)temporary accounts are closed;permanent accounts are not.
• C)permanent accounts are closed;temporary accounts are not.
• D)only accounts with a credit balance are closed.

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Definitions:

Internal Control

Measures and tactics adopted by an organization to safeguard the reliability of its financial and accounting data, foster responsibility, and avert deceit.

Materials Requisition Slip

A document used internally in a company to request materials or goods from the inventory or warehouse, specifying quantities and details needed for production.

Authorization

The formal or official approval, often required before an action or transaction can occur.

Job Cost Sheet

A document that records the costs related to a specific job or project, tracking materials, labor, and overhead.