Daniel's Mother Just Bought Him New Shoes for His 13th

question 49

Multiple Choice

Daniel's mother just bought him new shoes for his 13th birthday. Three weeks later they are too small. She bought him another pair and two months later those shoes were too small. What is happening?

• A) Daniel is atypical for growth.
• B) Daniel is nearing the end of his growth spurt.
• C) Daniel didn't get the right size of shoes to begin with because boys don't grow that fast.
• D) Daniel has begun going through the adolescent growth spurt.

---

Definitions:

Permanent Account

An account that carries its ending balance over to the next accounting period, typically representing real accounts like assets, liabilities, and equity.

Closing Process

The steps taken at the end of an accounting period to prepare accounts for the next period, including zeroing out temporary accounts.

Closing the Books

Closing the books is an accounting process involving updating ledger accounts at the end of an accounting period to prepare financial statements.

Fiscal Year

A twelve-month period used for accounting purposes to prepare financial statements, which may or may not align with the calendar year.