The Australian Small Tool Phase Dates To

question 48

Multiple Choice

The Australian Small Tool Phase dates to:

• A) 10,000 years ago
• B) 6,000 years ago
• C) 4,500 years ago
• D) 1,000 years ago

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Definitions:

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's accounts for the next period.

Stockholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, often referred to as shareholder's equity or owner's equity.

Financial Statement

A formal record of the financial activities and position of a business, individual, or other entity, typically including the balance sheet, income statement, and statement of cash flows.

Income Statement

A financial statement that reports a company’s financial performance over a specific accounting period, showing income, expenses, and net profit or loss.