The "Annihilation of Time and Space," Extolled by the Public

question 35

Multiple Choice

The "annihilation of time and space," extolled by the public and the press in the late nineteenth century, referred especially to

• A) the development of aircraft.
• B) submarine telegraph cables.
• C) transcontinental railroads.
• D) the science fiction musings of H. G. Wells.
• E) an accurate clock.

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Definitions:

Nominal Account

Refers to accounts that track revenues, expenses, gains, and losses; these accounts are closed at the end of each accounting period.

Ledger Accounts

These are individual accounts in accounting that record transactions related to a company's assets, liabilities, equity, revenue, and expenses in a double-entry bookkeeping system.

Net Income

Represents the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenues.

Adjusting Entries

Adjusting Entries are journal entries made in accounting records at the end of an accounting period to update accounts for accruals and deferrals not recorded during the period.