Examlex
Which of the following statements is not true?
Adjusting Journal Entry
An accounting entry made to correct or update the financial records and ensure accurate reporting.
Liabilities
Financial obligations or debts that a company owes to external parties, which must be settled over time through the transfer of economic benefits.
Deferral
Accounting method to postpone the recognition of revenues or expenses until a future accounting period.
Journal Entry
A record in the accounting ledger that represents a transaction and its effect on various accounts, used for tracking and organizing financial data.
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