The Third Pair of Columns on a 10-Column Work Sheet

question 55

Multiple Choice

The third pair of columns on a 10-column work sheet prepared at the end of the period would be the

• A) Income Statement columns.
• B) Adjustments columns.
• C) Balance Sheet columns.
• D) Adjusted Trial Balance columns.

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Definitions:

Cost Centers

Departments or segments within an organization that do not directly generate revenue but incur costs.

Profit Centers

Divisions or units within an organization that are directly responsible for generating its profit.

Statements Of Activities

Financial reports that summarize an organization's revenues, expenses, and changes in net assets for a specific period.

Statements Of Cash Flows

Financial statements that detail the inflow and outflow of cash within an organization over a specific period of time.