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Balance sheet accounts are referred to as temporary accounts because their balances are always changing.()

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Since the net income increases the owner’s capital, the net income will be shown in the Balance Sheet () column. Hints: fill the blank with the accounting direction and the first letter should be in upper case.

If a business adopts a fiscal year that ends when business activities have reached the lowest point in its annual operating cycle. Such fiscal year is called the (). Hints: every first letter should be in lower case.

This year they have made by far greater progress in business than they did last year.This year they have made by far greater progress in business than they did last year.

The totals of the Adjusted Trial Balance columns verify the equality of the totals of the debit and credit balances after ().

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