Roles Are Similar To, but Different From, Norms Because They

question 140

Multiple Choice

Roles are similar to, but different from, norms because they also specify ________.

• A) what must be done
• B) how it should be done
• C) who must do it
• D) when it must be done

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Definitions:

Adjusted Trial Balance

An adjusted trial balance is a listing of all company accounts that will appear on the financial statements after year-end adjusting journal entries have been made.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts, finalizing the books for the period.

Periodic Inventory System

An inventory accounting system where goods are physically counted at specific intervals to determine the cost of goods sold and ending inventory levels.

Gross Method

An accounting approach to recording purchases and sales transactions without deducting cash discounts at the point of sale.