If a Major Error Is Made When Typing Data into a Cell

question 46

True/False

If a major error is made when typing data into a cell, click the Cancel box in the formula bar or press the ESC key to erase the entire entry, and then reenter the data from the beginning.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to update account balances before preparing financial statements, ensuring they reflect the true financial position.

Financial Statements

Financial reports that summarize the effects of events on a business.

Interest Note

A financial instrument that serves as a formal promise to pay interest in addition to the principal amount borrowed.

Small Companies

Businesses with a relatively small market share or workforce, often defined by specific criteria such as revenue, assets, or number of employees.