Consider the Following to Answer the Question(s) Below

question 21

Multiple Choice

Consider the following to answer the question(s) below:
Annual estimates of the population in a certain city from 1999 (t = 1) onward are shown in the time series graph below.
-The dominant component in this time series is

• A) cyclical
• B) randomness
• C) seasonality
• D) trend
• E) No time series component is dominant.

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Definitions:

Permanent Accounts

Balance sheet accounts that carry their ending balances into the next accounting period, including assets, liabilities, and equity accounts.

Closing Entry Process

The procedure at the end of an accounting period to prepare the accounts for the next period by clearing out revenues and expenses into the Retained Earnings account.

Temporary Accounts

Accounts used to collect information during a single accounting period, which are then transferred to permanent accounts at the end of the period.