Adam Was Working Late in His Hotel Room When the Light

question 76

Multiple Choice

Adam was working late in his hotel room when the light bulb in the lamp at his desk burned out. He called the front desk and asked for a replacement bulb. The desk manager told Adam that a new one would be provided tomorrow morning and that he did not have the key to the stockroom. Adam tried to explain how much he needed the light to finish his sales report, but the manager was polite but adamant that he could not help. This is an example of:

• A) Functional unfairness
• B) Procedural unfairness
• C) Interactional unfairness
• D) Service inequity
• E) Situational unfairness

Understand the concept and purpose of closing entries in accounting.

Identify accounts that are affected by closing entries and those that are not.

Describe the process and importance of adjusting entries for accurate financial reporting.

Explain the effects of adjusting and closing entries on financial statements.