Correcting Entries

question 11

Multiple Choice

Correcting entries

• A)always affect at least one balance sheet account and one income statement account.
• B)affect income statement accounts only.
• C)affect balance sheet accounts only.
• D)may involve any combination of accounts in need of correction.

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Definitions:

Stability

The condition of being resistant to change and capable of maintaining a balanced or constant state despite external pressures.

Equilibrium

A state of balance or stability within a system, where competing forces or influences are equal.

Manifest Functions

The recognized and intended consequences of any social pattern, which are explicitly stated and understood by the participants in a social system.

Latent Functions

The unrecognized or unintended consequences of any social pattern, which may contribute to the functioning of a social system.