1. The normal balance of any account is thea. left side.b. right side.c. side which increases that account.d. side which decreases that account.2. The double-entry system requires that each transaction must be recordeda. in at least two different accounts.b. in two sets of books.c. in a journal and in a ledger.d. first as a revenue and then as an expense.3. An accounting time period that is one year in length but does not begin on January 1 is referred to asa. a fiscal year.b. an interim period.c. the time period assumption.d. a reporting period.4. Management usually desires ________ financial statements and the IRS requires all businesses to file _________ tax returns.a. annual annualb. monthly annualc. quarterly monthlyd. monthly monthly