The Alternating Drilling and Retracting Motion of a Quill to Clear

question 11

Multiple Choice

The alternating drilling and retracting motion of a quill to clear chips from the point is called ____.

• A) spotting
• B) pecking
• C) tapping
• D) feeding

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Definitions:

Permanent Accounts

The balance sheet accounts whose balances are carried over into future accounting periods, not closed at the end of the fiscal year.

Posting

The process of recording financial transactions to the appropriate accounts in the general ledger.

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to update the accounts for any accruals and deferrals that were not recorded during the accounting period.

Accounting Cycle

A series of steps performed during an accounting period, starting with recording transactions and ending with the preparation of financial statements.