Which of the Following Is Not True of the Associated

question 1

Multiple Choice

Which of the following is not true of the Associated Press?

• A) It is the largest wire service.
• B) It is the nation's leading newspaper on financial markets and commerce.
• C) It employs a large number of reporters throughout the nation and around the world to write news on social events.
• D) Its members share the news services it provides.
• E) It permits smaller regional newspapers and local television and radio stations to cover events from around the world in an efficient, informative, and cost-effective manner.

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Definitions:

Temporary Accounts

Revenue, expense, and drawing accounts that are closed to the owner’s capital account at the end of the accounting period.

Post-Closing Trial Balance

A listing of all accounts and their balances after the closing entries are made, ensuring debits equal credits.

Expense Account(s)

Accounts used to record expenses in the general ledger, which represent the costs of operating a business that are not directly tied to the production of goods or services.

Income Summary

An account used in the closing process, summarizing all revenues and expenses for a period, to transfer the net result to capital accounts.