Professional Advisory Services Provide Detailed Information About Mutual Funds

question 38

Multiple Choice

Professional advisory services provide detailed information about mutual funds. Which of the following is not a professional advisory service?

• A) Dun and Moody's.
• B) Lipper Analytical Services.
• C) Morningstar, Inc.
• D) Value Line.
• E) All of these are professional advisory services that provide information about mutual funds.

---

Definitions:

Ledger

A comprehensive collection of accounts that records all financial transactions of a business, categorized for reporting and analysis purposes.

Adjusting Entries

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

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 books for the next period.

Financial Statements

Reports that summarize the financial performance, position, and cash flows of a business over a specific period of time, including the balance sheet, income statement, and statement of cash flows.