The Balancing Items in a Financial Planning Model Are Variables

question 18

True/False

The balancing items in a financial planning model are variables that adjust to maintain the consistency of a financial model. They are also known as plugs.

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Definitions:

Adjusting Journal Entries

Journal entries that are needed in order to update specific ledger accounts to reflect correct balances at the end of an accounting period.

Worksheet

A tool used in accounting to consolidate all of the financial information and to prepare adjusting entries and financial statements.

Account Balances

The amount of money in an account at a specific point in time, reflecting the difference between debits and credits.

Desirable Marriage Partners

Individuals considered attractive options for marriage, often due to a combination of qualities like personality, social status, financial stability, or physical attractiveness.