A Correcting Entry

question 94

Multiple Choice

A correcting entry

• A) must involve one balance sheet account and one income statement account.
• B) is another name for a closing entry.
• C) may involve any combination of accounts.
• D) is a required step in the accounting cycle.

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Definitions:

Art

A skill acquired by experience or study; an endeavor requiring special knowledge and ability, such as the art of leadership.

Time

The indefinite continued progress of existence and events in the past, present, and future regarded as a whole.

Power

Vigor and strength; the force necessary to exert one’s will; a social motive for assuming leadership responsibility. A leader with power has the ability to dominate and control people and events. Sources of power used by leaders include rewards, coercion, legitimacy, and information; types of power include expertise, reference, rational, and charisma.

Interpersonal Relations

Mutual interactions and connections between individuals, often associated with personal or professional relationships.