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3 Written questions

3 Multiple choice questions

  1. Journal entries used to prepare temporary accounts for a new fiscal period
  2. accounts used to accumulate information until it is transferred to the owner's capital account
  3. Journal entries recorded to update general ledger accounts at the end of a fiscal period

2 True/False questions

  1. Permanent Accountsaccounts used to accumulate information from one fiscal period to the next


  2. Accounting cycleThe series of accounting activities included in recording financial information for a fiscal period