Correcting Entries Are Made

question 145

Multiple Choice

Correcting entries are made

• A) at the beginning of an accounting period.
• B) at the end of an accounting period.
• C) whenever an error is discovered.
• D) after closing entries.

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Definitions:

Holder

In finance and legal terms, an individual or entity that possesses a negotiable instrument, like a check or bond, and has the right to enforce it.

Negotiable Instrument

A document guaranteeing the payment of a specific amount of money, either on demand or at a set time, with the payer named on the document.

Bearer

A person in possession of an instrument, such as a check or bond, that is not made out to a specific payee.

Finance Repairs

The process of arranging for or providing financial support to cover the costs of necessary repairs, often in the context of property or vehicle maintenance.