Realignment

question 50

Multiple Choice

Realignment

• A) is of necessity tied to specific elections.
• B) takes place when a substantial group of voters switches party allegiance.
• C) takes place when one dominant party replaces another one.
• D) took place on schedule in 2004.
• E) has been predicted as inevitable in the foreseeable future.

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, preparing the books for the next period.

Depreciation Expense

This is an accounting method used to allocate the cost of a tangible asset over its useful life.

Salaries and Wages Expense

The total cost incurred by an employer for employee compensation, including both salaries and hourly wages.

Temporary Account

An account that is closed at the end of each accounting period and its balances transferred to permanent accounts; examples include revenues, expenses, and dividends accounts.