A Need Refers to

question 163

Multiple Choice

A need refers to

• A)a sense of personal inadequacy based upon observations by others around you.
• B)a sense of urgency, which causes a person to take action.
• C)a feeling that is shaped by a person's knowledge, culture, or personality.
• D)a feeling of being deprived of something, but not fully understanding what it may be.
• E)a situation when a person feels deprived of basic necessities such as food, clothing, and shelter.

---

Definitions:

Specific Time Periods

Specific time periods refer to distinct, defined durations used for financial reporting, planning, and analysis, such as quarters or fiscal years.

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is received or paid, respectively.

Recorded When Incurred

An accounting principle that stipulates expenses should be recognized in the financial statements in the period they are incurred, regardless of when the cash payments are made.

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances before financial statements are prepared.