If the Accounting Records Are Free of Errors

question 121

Multiple Choice

If the accounting records are free of errors,

• A) no correcting entries are needed.
• B) no adjusting entries are needed.
• C) no correcting or adjusting entries are needed.
• D) both correcting and adjusting entries are needed.

---

Definitions:

Projected Net Present Value

An estimate of the net present value (NPV) of a project or investment based on forecasted cash flows.

Single Variable

A mathematical or statistical approach focusing on one independent variable to determine its effect in a given scenario or experiment.

Best Case Scenario

An optimistic projection where all conditions and inputs are viewed in the most favorable light, resulting in the highest expected outcome.

Project Analysis

The process of reviewing and evaluating a proposed project to determine its feasibility and potential profitability.