3 Written Questions

1. The series of accounting activities included in recording financial information for a fiscal period
2. any persons or groups who will be affected by an action
3. Journal entries used to prepare temporary accounts for a new fiscal period

3 Multiple Choice Questions

1. A trial balance prepared after the closing entries are posted
   1. Post-Closing Trial Balance
   2. Closing Entries
   3. Accounting cycle
   4. Component Percentage
2. The percentage relationship between one financial statement item and the total that includes that item
   1. Component Percentage
   2. Closing Entries
   3. Temporary Accounts
   4. Permanent Accounts
3. Journal entries recorded to update general ledger accounts at the end of a fiscal period
   1. Stakeholders
   2. Accounting cycle
   3. Adjusting Entries
   4. Closing Entries

2 True/False Questions

1. Temporary Accounts → accounts used to accumulate information from one fiscal period to the next

   True        False

2. Permanent Accounts → accounts used to accumulate information from one fiscal period to the next

   True        False