The Main Purpose of Adjusting Entries Is to

question 48

Multiple Choice

The main purpose of adjusting entries is to

• A) Record external transactions and events
• B) Record internal transactions and events
• C) Recognize revenues received during the period
• D) Recognize expenses paid during the period
• E) Adjust assets to their market value

---

Definitions:

Groupthink

A psychological phenomenon where the desire for group harmony leads to incorrect or poor decision-making.

Self-Censorship

The act of censoring or restricting one's own speech, expression, or actions, often out of fear of reprisal or offending others.

Illusion of Unanimity

This refers to the misleading perception within a group that unanimous agreement exists, often due to the suppression of dissenting opinions and the pressure to conform.

Small Group

A limited number of individuals coming together for a common purpose, characterized by direct interaction among members.