Instructions: Identify the Following

question 13

Short Answer

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Abraham Lincoln

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Definitions:

Adjusting Journal Entry

An entry made in the books at the end of an accounting period to allocate income and expenditure to the correct period.

Accounting Equation

The foundational equation in accounting represented as Assets = Liabilities + Equity, illustrating the structure of a balance sheet.

Net Income

The total revenue of a company minus its expenses, taxes, and costs, representing the company's profit.

Adjustment

A financial transaction that corrects or updates the accounting records, often made at the end of an accounting period to ensure accuracy.