What Is the Term for Increasing the Efficiency of Necessary

question 112

Multiple Choice

What is the term for increasing the efficiency of necessary activities by using economies of scale?

• A)activity elimination
• B)activity sharing
• C)activity management
• D)activity selection

Understand the concepts of deferral and accrual in accounting.

Comprehend the role of unearned revenue in adjusting entries.

Grasp the basis of accounting methods: cash and accrual.

Relate the matching principle to the preparation of accurate financial statements.

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Definitions:

Temporary Accounts

Accounts used to track transactions within a single accounting period, closed and reset at the period's end.

Account Balances

The amount of money in a financial account, determined by adding all credits and deducting all debits.

Adjusted Trial Balance

A list of all accounts and their balances after adjustments, used to verify the equality of debits and credits and to prepare financial statements.

Reports Center

A feature within software programs that aggregates data and generates summaries or detailed analyses for review.