Adjusting entries are made at the of the accounting period, while daily transactions are made throughout the accounting period. (Enter one word per blank.)

Adjusting entries, closing entries, and reversing entries are all done at the end of the accounting period.Select one:TrueFalse

All adjusting entries should be reversed at the start of the new accounting period.Select one:TrueFalse

Which of the following statements about alternative treatments (two ways of accounting) for adjusting entries is correct?

The accounting term for a situation where two or more people act in coordination to circumvent internal controls is (Enter one word per blank).

Expense should be recorded to recognize the cost of using long-lived assets, such as equipment, during the accounting period. (Enter one word per blank.)