The length of time covered by a set of periodic financial statements, primarily a year for most companies, is reforred to as the: Naturat business year. Accounting period. Fiscnl yoar, Bustiness cycle. Calendar year. QUESTION 26 GreenLawn Compary provides landscaping services to clients. On May 1, a curtomer paid GroonLawn $67,000 for 6-rnonths services in advance. GreenLawn's goneral joumal entry to record this transaction will include a: Debit to Unearned Revenue for $67,000 Debit to Accounts Receivable for $67,000. Credit to Accounts Receivable for $67,000 Credit to Cash for $67,000. Credit to Uneamed Revenue for \$67,000. QUESTION 27 Identify the account below that is classified as a liability in a company's chart of accounts? Salaries Expense Accounts Recelvable Cash Unearned Revenue Supplies A double-entry accounting system is an accounting system: In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits. That records the effect of each transaction in at least two accounts, with at least one debit and one credit. That records each transaction twice. That allows total credits to be greater than total debits. That allows total debits to be greater than total credits. QUESTION 29 A record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is known as a(n): Account. Journal. Posting. Chart of accounts. Trial balance. QUESTION 30 The process to go from transactions and events to financial statements begins with: Record relevant transactions and events in a journal. Prepare and analyze the trial balance and financial statements. Identifying each transaction and event from source documents. Post journal information to lodger accounts. Analyze each transaction and event using the accounting equation