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

question 69

Multiple Choice

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

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

Identify different types of retirement and welfare plans covered under ERISA.

Recognize the fiduciary duties established by ERISA for individuals managing plan assets.

Understand the health care continuation coverage provisions under COBRA.

Identify the characteristics and purposes of managed care programs.

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Definitions:

Income Statement Accounts

Income statement accounts include all the revenue and expense accounts that determine a company's net income or net loss for a specific period.

Balance Sheet Accounts

Accounts that appear on the balance sheet, such as assets, liabilities, and shareholders' equity, reflecting the financial position at a specific point in time.

Adjusting Entries

At the close of an accounting period, entries in accounting records to apportion income and outlays to the actual time they happened.

Prepaid Rent

An expense that represents payment made in advance for the use of property or space, which is recorded as an asset until it is consumed or the rental period elapses.