Adjustments Are Necessary to Bring an Asset or Liability Account

question 47

True/False

Adjustments are necessary to bring an asset or liability account to its proper amount and also update a related expense or revenue account.

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Definitions:

John Hagan

A respected sociologist known for his contributions to criminology and social structure theories.

Conflict Crime

Crimes that arise in the context of conflicts, often in areas experiencing warfare, civil unrest, or severe social discord.

Consensus Crime

Consensus crime refers to activities that are universally agreed upon as wrong or harmful to society, and thus are legislated against, such as murder or theft.

White-Collar Crime

Refers to an illegal act committed by a respectable, high-status person in the course of work.