If Most Respondents Indicate the Same Answer on the Response

question 45

True/False

If most respondents indicate the same answer on the response scale,the distribution has much variability because respondents are highly similar.

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Definitions:

Correcting Entry

An accounting entry made to correct an error in the financial statements.

Supplies Expense

The cost associated with the consumption of supplies used in the operations of a business during an accounting period.

Equipment

Fixed assets used in operations, such as machinery, computers, and furniture, which have a useful life of more than one accounting period.

Adjusting Entries

Adjusting entries are journal entries made at the end of an accounting period to update account balances before preparing financial statements, aligning them with the accrual basis of accounting.