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The time period for which an income statement is prepared is called the accounting period.

The time period for which an income statement is prepared is called the accounting period.

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.

Tripti 06-Dec-2019

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