An Adjusting Entry Is Not Required If the Estimated Payments

question 57

True/False

An adjusting entry is not required if the estimated payments made throughout the year are more than the actual taxes due.

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Definitions:

Export Goods

Products or commodities that are produced in one country and then sold and shipped to other countries.

Olive Oil

A liquid fat obtained from olives, used in cooking, cosmetics, pharmaceuticals, and soaps, and as a fuel for traditional oil lamps.

Imported

Refers to goods or services brought into one country from another.

Trading Bloc

Consists of those countries that have signed a particular trade agreement.