The time period assumption assumes that an organization’s activities may be divided into specific reporting time periods including all of the following except:

Which of the following is the usual final step in the accounting cycle?

A company entered into a 2-month contract for $50,000 on April 1. It earned $25,000 of the contract services in April and billed the customer. The company should recognize the revenue when it receives the customer’s check.

Which of the following accounts is not included in the calculation of a company’s ending equity?

A business’s source documents:

A company made no adjusting entry for accrued and unpaid employee wages of $28,000 on December 31. This oversight would:

The difference between a company’s assets and its liabilities, or net assets is:

Return on assets is useful in evaluating management, analyzing and forecasting profits, and planning activities.

Which of the following is the usual final step in the accounting cycle?

Assets created by selling goods and services on credit are: