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III. MULTIPLE CHOICE QUESTIONS. 24pts Choose the most correct answer and highlight it in yellow or bold it. 1. An accounting system that records expenses and revenue in the accounting period in which they are incurred or earned is referred to as: a. a cash accounting system b. an accounting system where you determine what accounts are affected, what classification the accounts are and how their balance has changed up or down. c. an accrual accounting system. d. a system that violates GAAP. 2 Adjusting entries are: a. made because of the Accrual Accounting system. b. made most of the time because of the Revenue and Matching principles. c. are made to bring your accounting system up to date. d. All of the above. 3. Why do we make Closing entries? a. To bring the accounting system up to date. b. To transfer the profit or loss to the owner of the company and to zero out the beginning balances so we can start measuring the profit or loss in the new accounting period. c. To transfer the permanent balance sheet accounts to the owner's equity. d. None of the above