Three-To-Five Year Contracts Appear to Allow Sufficient Time for Contract

question 10

True/False

Three-to-five year contracts appear to allow sufficient time for contract warehouses to learn their client's business while at the same time allowing clients some flexibility.

---

Definitions:

End-of-period Spreadsheet

A tool used in accounting to compile all account balances and adjustments at the end of a period in order to prepare financial statements.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries made in the previous period.

General Journal

A comprehensive journal that records all types of accounting transactions, without limitation to specific categories.

Balance Sheet Columns

The sections in a balance sheet showing assets, liabilities, and shareholders' equity at a specific point in time.