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:

Government-sponsored Enterprises

Special financial services corporations created by the United States Congress to enhance the flow of credit to specific sectors of the economy, such as housing.

Loanable Funds

Financial resources available for borrowing, often depicted in the market where savers supply funds and borrowers demand funds.

Political Influence

The impact that individuals, groups, or organizations have on political decisions, policies, and the legislative process.

Housing Prices

The cost associated with buying or renting a home, which can fluctuate based on location, demand, economy, and other factors.