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What are adjusting entries and why are they necessary?
Economic Events
Activities or occurrences that have a significant financial impact on the businesses or the economy as a whole.
Unit of Accountability
A fundamental concept in accounting and finance, referring to the smallest measurable amount for which financial activities or transactions are recorded and reported.
Insurance Expense
The cost incurred by a business to insure its assets, operations, or liabilities over a certain period.
Asset Account
An account on a company's balance sheet that represents a resource with economic value that is controlled or owned.
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