Terrel Is an Outgoing Student Who Gets Along with Just

question 29

Multiple Choice

Terrel is an outgoing student who gets along with just about everyone and has a reputation for being a good listener. He has decided to run for public office some day. Most people think he will be a successful politician. Given his personal characteristics and occupational goal, what would you be willing to say about Terrel's level of intelligence?

• A) Terrel is of average intelligence.
• B) Terrel is of above average intelligence.
• C) Terrel probably has a learning disability for which he compensates by being an extrovert.
• D) Nothing can be said about the relationship between Terrel's personal characteristics and his level of intelligence.

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Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjustments are made for accruals, deferrals, and other adjustments, used in the preparation of financial statements.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.

Permanent Accounts

Accounts that are not closed at the end of the accounting period, hence carry their balances over into the next period; these include asset, liability, and equity accounts.

Temporary Accounts

Accounts that are closed at the end of each accounting period, including revenue, expense, and dividend accounts.