Adjusting Entries

question 147

Multiple Choice

Adjusting entries

• A)Are often prepared after the statement of financial position date, but dated as of the statement of financial position date.
• B)Are necessary to enable the financial statements to conform to international Financial Reporting Standard (IFRS).
• C)Include both accruals and deferrals
• D)All of the choices are correct regarding adjusting entries.

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Definitions:

Defined-contribution Plan

A retirement plan where employees, employers, or both make contributions on a regular basis, with future benefits dependent on investment performance.

Contributory Plan

A pension plan in which employees contribute a portion of their earnings to fund retirement benefits.

Non-contributory Plan

An employer-sponsored plan where the employer fully funds the benefits without employee contributions.

On-site Daycare Centres

Childcare facilities located within a workplace, allowing employees to have their children cared for close to their place of work.