At the End of the Accounting Period, the Following Should

question 94

Multiple Choice

At the end of the accounting period, the following should occur with supplies

• A)No action is required
• B)An adjusting entry should be made to expense the used supplies at the end of the period
• C)A physical inventory should be taken
• D)Both b and c

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Definitions:

Freelance Paralegal

A paralegal who operates his or her own business and provides services to attorneys on a contract basis. A freelance paralegal works under the supervision of an attorney, who assumes responsibility for the paralegal’s work product.

Employer-provided

Describes benefits or services supplied by an employer to their employees, often including health insurance, pensions, or training.

Group Medical Insurance

A healthcare policy issued to a group of people, offering uniform coverage and benefits to all members, often through an employer.

Independent Contractors

Individuals or businesses that provide goods or services to another entity under terms specified in a contract, without being legally considered employees.