In the Immediate Wake of the Newtown Shooting in January

question 6

Multiple Choice

In the immediate wake of the Newtown shooting in January 2013, public opinion:

• A) shifted in favor of the president.
• B) shifted in favor of Congress.
• C) remained unchanged.
• D) shifted in favor of stricter gun control.
• E) shifted in favor of less gun control.

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Definitions:

Accounting Cycle

A series of steps taken in order to prepare financial statements, starting from transactions and ending with closing the books.

Post-closing Trial Balance

A financial statement that lists all accounts and their balances after closing entries have been made, usually the final step in the accounting cycle.

Reversing Entries

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

Adjusting Entries

These are journal entries made in an accounting period to allocate income and expenditures to the period in which they actually occurred.