The time period for which an income statement is prepared is called the accounting period.
64) A fiscal year is always January 1 through December 31.
65) Transactions are listed in chronological order in the journal.
66) Rent paid in advance is a liability.
67) Interim statements are statements that are usually prepared for a portion of the business' fiscal year.
68) A ledger is called the book of final entry.
69) A business's fiscal year that ends at the same time as a slow seasonal period begins is the natural business year.
70) The credit part of the transaction is recorded first in the journal entry.
71) The debit is indented in a journal entry.
72) A compound journal entry affects more than two accounts in the transaction.
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