Accounts Often Need to Be Adjusted Because

question 94

Multiple Choice

Accounts often need to be adjusted because

• A) there are never enough accounts to record all the transactions.
• B) many transactions affect more than one time period.
• C) there are always errors made in recording transactions.
• D) management can't decide what they want to report.

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Definitions:

Cognitive Processes

Mental activities involved in acquiring, storing, retrieving, and using knowledge, such as perception, memory, and reasoning.

Tacit Knowledge

Knowledge that is difficult to transfer to another person by writing it down or verbalizing it, often acquired through personal experience.

Contextual Intelligence

The ability to understand the limits of our knowledge and to adapt that knowledge to an environment different from the one in which it was developed.

Acquire

To learn or develop (a skill, habit, or quality) over time, often through experience or instruction.