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Which of the following is the first step in curricular planning?
Adjusting Journal Entry
A journal entry made at the end of an accounting period to allocate income and expenditure to the appropriate years.
Accrual
An accounting principle that recognizes revenues and expenses when they are incurred, regardless of when cash transactions occur.
Adjusting Journal Entries
Entries made at the end of an accounting period to update balances of revenues and expenses to reflect the correct amounts earned or incurred during a period.
Accrual
A financial recording approach that logs income and expenditures at the time they occur, irrespective of the actual cash transaction timing.
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