Adjusting Journal Entries

question 25

Multiple Choice

Adjusting journal entries:

• A) need not be journalized since they appear on the worksheet.
• B) need not be posted if the financial statements are prepared from the worksheet.
• C) are not needed if closing entries are prepared.
• D) must be journalized and posted.

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Definitions:

Equilibrium Output

The level of output at which the quantity supplied equals the quantity demanded in a market.

Pollution Abatement

Actions or measures implemented to reduce, control, or eliminate pollution from various sources.

Society's Perspective

The collective viewpoints, interests, and priorities of a community or population regarding various issues or policies.

Marginal Benefit

The extra utility or satisfaction garnered by consuming one more unit of a good or service.