One Way of Ensuring That Recurring Adjusting Journal Entries Are

question 81

Multiple Choice

One way of ensuring that recurring adjusting journal entries are made each month would be to

• A)make all the entries a month in advance.
• B)rotate the responsibility among the accounting staff.
• C)program the entries to be made automatically.
• D)create a standard adjusting journal entry file.

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Definitions:

Physical Custody

Refers to the actual, physical possession and care of a child, typically used in legal contexts concerning child custody arrangements.

Accounting Records

Documents and books that systematically record financial transactions of a business for accounting and audit purposes.

Outstanding Checks

Checks issued by a company that have not yet been cashed or cleared by the bank.

Bank Reconciliation

The procedure of aligning the balances found in an organization's financial records for a cash account with the similar data on a bank statement.