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:

Fraternal Twins

Siblings born at the same time as a result of two different eggs fertilized by two different sperm, sharing 50% of their genes, similar to ordinary siblings.

Identical Twins

Twins that originate from a single fertilized egg that splits and develops into two genetically identical individuals.

Cannon-Bard Theory

A theory of emotion that proposes emotions and bodily responses occur simultaneously rather than one causing the other.

James-Lange Theory

An idea that proposes emotions are the outcome of bodily reactions triggered by events.