Adjusting Entries Made at the End of an Accounting Period

question 165

Multiple Choice

Adjusting entries made at the end of an accounting period accomplish all of the following except:

• A) Assigning expenses to the periods in which they are incurred.
• B) Assigning revenues to the periods in which they are earned.
• C) Assuring that financial statements reflect the revenues earned and the expenses incurred.
• D) Updating liability and asset accounts to their proper balances.
• E) Assuring that external transaction amounts remain unchanged.

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Definitions:

Lipid

Organic compounds including fats, oils, waxes, and sterols, which are important for energy storage, insulating and protecting organs.

Chylomicrons

Lipoprotein particles that transport dietary lipids from the intestines to other locations in the body.

Intestinal Epithelial Cells

Cells that line the interior surface of the intestines, playing roles in nutrient absorption, secretion, and serving as a barrier to pathogens.

Emulsify Fats

The process of breaking down fats into smaller droplets, typically by the action of bile acids, to make them easier to digest.