Adjusting Entries Made at the End of an Accounting Period

question 30

Multiple Choice

Adjusting entries made at the end of an accounting period accomplish all of the following except:

• A) Updating liability and asset accounts to their proper balances.
• B) Assigning revenues to the periods in which they are earned.
• C) Assigning expenses to the periods in which they are incurred.
• D) Assuring that financial statements reflect the revenues earned and the expenses incurred.
• E) Assuring that external transaction amounts remain unchanged.

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Definitions:

Caregivers

Individuals who provide care for someone with a chronic illness, disability, or other long-lasting health or care needs.

Affection

A feeling of fondness or tenderness toward someone or something, often demonstrated through physical closeness or touching.

Bowlby

A reference to John Bowlby, a British psychologist best known for his work in developing attachment theory, which explores the importance of early emotional bonds between a child and their caregivers.

Evolutionary Forces

Factors that influence the genetic composition of a population through natural selection, gene flow, mutation, and genetic drift.