The Preparation of Adjusting Entries Is

question 54

Multiple Choice

The preparation of adjusting entries is:

• A)straightforward because the accounts that need adjustment will be out of balance.
• B)needed to ensure that the expense recognition principle is followed.
• C)only required for accounts that do not have a normal balance.
• D)optional when financial statements are prepared.

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Definitions:

Social

Relating to society, its organization, or the interactions between its members.

Emotional

Pertaining to feelings or their expression, often relating to one's psychological state or well-being.

Conventional Level

A stage in Kohlberg's theory of moral development where moral reasoning is based on conformity to societal standards and laws.

Moral Thinking

The process of determining right from wrong, making ethical decisions based on principles of fairness, justice, and societal norms.