The Chart of Accounts for Miguel Corporation Includes the Following

question 189

Multiple Choice

The chart of accounts for Miguel Corporation includes the following: On journal page 5, the following transaction was found:
What is the posting reference that will be found in the Salaries Expense account?

• A) 5
• B) 11
• C) 54
• D) none of these

Grasp the importance of financial ratios in analyzing a company’s operational efficiency.

Understand the purpose and process of reversing entries in the accounting cycle.

Recognize the significance of the post-closing trial balance and its role in confirming the closure of temporary accounts and the accuracy of closing entries.

Define the terms related to the accounting period, such as fiscal year and natural business year, and their importance in financial reporting.

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Definitions:

Americans with Disabilities Act

A law that forbids unfair treatment against disabled persons in all public settings.

Rehabilitation Act

A federal law aimed at protecting the rights of individuals with disabilities, ensuring equal opportunities in employment and access to public services.

Executive Order

A directive issued by the head of a government, such as a president or governor, that has the force of law.

Executive Branch

The part of government responsible for implementing and enforcing laws, traditionally led by the president or prime minister.