​ -In the Figure Above, Item #4 Shows A(n) ____ Tag

question 7

Multiple Choice

​

-In the figure above, item #4 shows a(n) ____ tag.

• A) beginning
• B) closing
• C) ending
• D) opening

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Definitions:

Adjusting Entries

At the close of an accounting period, journal entries are made to apportion income and spending to the timeframe in which they legitimately took place.

Prepaid Insurance

Payments made in advance for insurance coverage, recorded as an asset on the balance sheet until the coverage period elapses.

Adjusting Entries

Entries in accounting made at the period's end to assign earnings and costs to their respective actual periods.

Income Statement Accounts

Accounts found on the income statement, which report a company’s financial performance over a specific period, including revenues, expenses, gains, and losses.