Short-Term Financial Plans Span a Period of

question 49

Multiple Choice

Short-term financial plans span a period of

• A)up to five years.
• B)one to three years.
• C)a year or less.
• D)one month or less.

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Definitions:

Accrued Wages

Wages that have been earned by employees but have not yet been paid by the end of the accounting period.

Wages Payable

Liabilities representing the amounts owed to employees for work performed but not yet paid.

Post-Closing Trial Balance

A list of all accounts remaining after closing entries have been made, showing the balances ready for the next accounting period.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus preparing the books for the next period.