An Error You Make Two, Three, or More Times Is

question 10

Multiple Choice

An error you make two, three, or more times is called a(n)

• A) proofreading strategy.
• B) error pattern.
• C) correction.

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Definitions:

Adjustment

Amendments made to accounts or financial statements to correct errors, update values, or reallocate revenues and expenses.

Credit Sales

Transactions where goods or services are sold to a customer with an agreement to pay at a later date, typically allowing a specific period before payment is due.

Bad Debts

Bad debts are amounts owed to a company that are no longer considered collectible, leading to their recognition as a loss.

Adjustment

An entry in accounting made to correct, alter, or update the financial records and statements of a company.