A ________ Is a Document That Is Filed with the State

question 61

Multiple Choice

A ________ is a document that is filed with the state that designates a trade name of a business.

• A) proprietorship statement
• B) partnership agreement
• C) fictitious business name statement
• D) nomenclature affidavit

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Definitions:

Current Liabilities

Financial liabilities that need to be settled within a year or within the standard operating period of the company.

Long-Term Liabilities

Financial obligations of a business that are due more than one year in the future, such as bonds payable, long-term loans, and lease liabilities.

Adjusting Entry

An accounting record created at the closing of a fiscal period to assign revenues and expenses to their respective periods.

Reversing Entry

An accounting entry that is made at the beginning of a period to reverse or cancel out an adjusting entry made in the previous period.