Adjusting Entries Are

question 15

Multiple Choice

Adjusting Entries are:

• A)updating entries for previously unrecorded expenses or revenues.
• B)corrections of errors.
• C)not required.
• D)will always affect cash.

---

Definitions:

Aggregate Demand

The total consumption needs for goods and services within an economy, considering the current price level throughout a certain period.

Macroeconomic Problem

Issues or challenges affecting an entire economy, such as inflation, unemployment, and economic growth.

Equilibrium Level

In economics, the point at which market supply equals demand, and there is no tendency for change in price or quantity.

Potential Level

The maximum output an economy can produce without leading to inflation, when resources such as labor and capital are fully utilized.