Adjusting Entries That Are Made to Counteract the Effects of Errors

question 18

Multiple Choice

Adjusting entries that are made to counteract the effects of errors found in the general ledger are called

• A)accruals.
• B)corrections.
• C)deferrals.
• D)estimates.

---

Definitions:

Moderately Concentrated

Describes an industry structure where a few firms occupy a significant portion of the market share but not to the extent of creating a monopoly or oligopoly.

Pure Monopoly

An industry with a single firm that produces a product for which there are no close substitutes and in which significant barriers to entry prevent other firms from entering the industry to compete for profits.

HHI

The Herfindahl-Hirschman Index, a measure of market concentration used to determine the level of competition within an industry.

HHI

A measure of market concentration used to determine the competitiveness of a market. Also known as the Herfindahl-Hirschman Index.