Which of the Following Events Would Not Require an End-Of-Year

question 132

Multiple Choice

Which of the following events would not require an end-of-year adjusting entry?

• A)Purchasing supplies for cash
• B)Paying for one year's rent on July 1
• C)Providing services on account
• D)Each of these answer choices would require an end-of-year adjustment

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Definitions:

Value Judgments

Evaluations based on individual or societal beliefs about what is good, desirable, or worthwhile, often influenced by personal ethics or morals.

Law of Averages

A layman's term for the statistical principle that over time, outcomes will tend towards the expected average; not a formal economic law. NO.

Microeconomics

The branch of economics that studies individual units of the economy, such as households and firms, and their interactions in markets.

Macroeconomics

The branch of economics that studies the behavior and performance of an economy as a whole, focusing on aggregate outcomes such as economic growth, inflation, and unemployment.