Which of the Following Phrases Is Frequently Used to Refer

question 40

Multiple Choice

Which of the following phrases is frequently used to refer to estate or trust accounting?

• A)Non-profit accounting
• B)Testamentary accounting
• C)Fiduciary accounting
• D)Temporary accounting

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Definitions:

Normal Balance

The side (debit or credit) of an account that is positive or increasing in nature, depending on the type of account.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Uncollectibles

Financial term referring to debts or receivables that are deemed unlikely to be collected and thus written off.

Partial Balance Sheet

A snapshot of a portion of a company's financial position at a specific point in time, focusing on certain assets, liabilities, or equity sections rather than the complete picture.