Examine the Words And/or Phrases for Each Question Below and Determine

question 74

Multiple Choice

Examine the words and/or phrases for each question below and determine the relationship among the majority of words/phrases.
-Choose the option that does not fit the pattern.

• A)Gander Terrane
• B)Avalon Terrane
• C)Rockies
• D)Appalachians

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to update account balances to reflect accurate and fair financial statements.

Closing Entry

An accounting entry made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.

Income Summary

An account used in the closing process that summarizes revenues and expenses for a period, transferring the net income or loss to the owner's equity.

Revenue

The aggregate financial gain acquired by a company from its essential sales activities involving goods or services.