In Some Ways, an Overambitious Cleanup of a Crude Oil

question 12

True/False

In some ways, an overambitious cleanup of a crude oil spill can be counterproductive.

---

Definitions:

Correct Closing Entry

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts, thus preparing the books for the next period.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

Inventory of Supplies

The total value of supplies held by a company that are yet to be used in production or sold.

Supplies Account

An account used to track the cost of supplies used by a business during an accounting period.