Adjusting Entries

question 69

Multiple Choice

Adjusting entries:

• A) are prepared at the end of the accounting period to update certain accounts
• B) are prepared at the option of the accountant
• C) are not needed under the accrual basis of accounting
• D) are prepared at the beginning of the accounting period to update all accounts

---

Definitions:

Binomial Random Variable

A type of random variable that follows the binomial distribution, representing the number of successes in a fixed number of independent trials, each with the same probability of success.

Discrete Random Variable

A variable that can take on a countable number of distinct values, often representing the outcomes of some random process.

Binomial Distribution

A probability distribution that summarizes the likelihood that a value will take one of two independent values under a given set of parameters or conditions.

Binomial Probability Distribution

A probability distribution that summarises the likelihood that a value will take one of two independent values under a given set of parameters or assumptions.