Journal Entries That Are Needed in Order to Update Account

question 35

Multiple Choice

Journal entries that are needed in order to update account balances for internal business transactions (such as supplies and prepaid rent) at the end of the period are called

• A) closing entries.
• B) adjusting entries.
• C) sales entries.
• D) None of the above are correct.

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Definitions:

Non-Overlapping Subgroups

Groups within a larger group that do not share common members, ensuring distinct and separate collaboration or functioning.

Organizational Founding Teams

The initial group of individuals who start a company or institution, often responsible for setting its vision, culture, and strategic direction.

Organizational Communities

Refers to groups or networks within a larger organization that share common goals, practices, or interests.

Employment Volatility

The fluctuation in employment stability within a labor market, often influenced by economic conditions, industry trends, and company performance.