A Parallel Team Can Be Best Described by Which of the Following

question 15

Multiple Choice

A parallel team can be best described by which of the following?

• A) The team is responsible for making goods or doing services.
• B) It works to solve a particular problem.
• C) It operates as an essential component of the main work structure of the organization.
• D) It works on long-term projects.
• E) Members are relieved of their usual duties while on the team.

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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.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Income Summary

Income summary is an account where revenues and expenses are accumulated to calculate net income or loss for a specific period before transferring to the capital account.

Temporary Account

An account used to accumulate transaction information during a single accounting period, which is then transferred to permanent accounts.