Adjusting Entries

question 213

Multiple Choice

Adjusting entries

• A) ensure that the revenue recognition and expense recognition principles are followed.
• B) are necessary to enable the financial statements to conform to International Financial Reporting Standards (IFRS).
• C) include both accruals and deferrals
• D) all of these answer choices are correct.

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Definitions:

Effective

Having the intended or desired effect; producing the outcome that was aimed for.

Study Method

Techniques and strategies adopted by individuals to enhance their learning and retention of knowledge.

The Rat Is Always Right

A principle in behavioral psychology and animal studies asserting that the observed behavior of a rat (or other research subjects) in an experiment is the correct response given their understanding of the situation, highlighting the importance of considering the subject's perspective in experimental design.

Humility

The quality of having a modest or low view of one's importance, often leading to a respectful and considerate behavior towards others.