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-Based on the Figure Above, in Which Quarter or Quarters

question 242

Multiple Choice

  -Based on the figure above, in which quarter or quarters did an expansion occur? A) between 2004, 2nd quarter to 2005, 2nd quarter and also between 2006, 2nd quarter to the end of the figure B) in 2005, 2nd quarter C) between 2005, 2nd quarter to 2006, 2nd quarter D) in 2006, 2nd quarter E) There are no expansions illustrated in the figure.
-Based on the figure above, in which quarter or quarters did an expansion occur?

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to allocate revenue and expenses to the proper period.

Adjusting Entry

A journal entry made in the accounting records at the end of an accounting period to allocate income and expenditure to the appropriate period.

Closing Entry

A journal entry made at the end of an accounting period to transfer the balances of temporary accounts to a permanent account.

Adjusting Entry

An accounting record posted at the closing of a financial period to assign revenues and expenses to the time they were incurred.

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