An Unacceptable Way to Make a Correcting Entry Is to

question 193

Multiple Choice

An unacceptable way to make a correcting entry is to

• A) reverse the incorrect entry.
• B) erase the incorrect entry.
• C) compare the incorrect entry with the correct entry and make a correcting entry to correct the accounts.
• D) correct it immediately upon discovery.

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Definitions:

Remittances

Money sent by migrants back to their home countries, often to support family members financially.

GDP

Gross Domestic Product, the total market value of all final goods and services produced within a country in a specific time period.

Elasticity

In economics, elasticity measures how much the quantity demanded or supplied changes in response to a change in price or other factors.

Wage Income

Earnings received by an individual from employment or labor.