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:

Equivalent Circuit

A simplified electrical circuit that replicates the performance characteristics of a more complex circuit or electrical device.

Norton's Theorem

An electrical theorem that simplifies complex circuits into equivalent circuits made of a single current source and parallel resistance.

Parallel Resistance

The overall resistance of resistors connected in parallel, calculated in a way that the total resistance is always less than the smallest individual resistor's resistance in the circuit.

Superposition Theorem

A principle that allows for the analysis of circuits with multiple sources by considering the effect of each source separately and then summing the results.