Which of the Following Is an Axiom

question 48

Multiple Choice

Which of the following is an axiom?

• A) working class youths have higher delinquency rates than upper class youths
• B) working class youths would be more likely to break the law to gain material goods than upper class youths
• C) everyone desires material comforts
• D) social class has no bearing on the tendency to break the law

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Definitions:

Closing Entries

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

Net Income

The net income of a business once all costs, taxes, and deductions are taken from the overall revenue.

Double Rule

A method used in accounting to underline totals for certain accounts or figures, indicating a sum or conclusion.

Closing Process

The series of steps performed at the end of an accounting period to prepare the books for the next period, including updating accounts and transferring balances.