Which of the Following Are Examples of Static Processes

question 191

Multiple Choice

Which of the following are examples of static processes?

• A) Running payroll
• B) Calculating taxes
• C) Creating financial statements
• D) All of these choices

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Definitions:

Expense Account

An account used to track money spent or costs incurred in the operation of a business, helping in understanding and managing expenses.

Interest Payable

A liability account showing the amount of interest expense that has been incurred but not yet paid.

Fiscal Period

A specific time period used for accounting purposes and financial reporting, usually spanning a year, but can also be a quarter or month.

Adjusting Entry

Bookkeeping entries executed at the termination of an accounting cycle, intended to apportion income and outlays to their respective periods of occurrence.