Adjusting Journal Entries Recorded at the End of an Accounting

question 11

True/False

Adjusting journal entries recorded at the end of an accounting period update revenues or expense accounts, as well as asset or liability accounts.

---

Definitions:

Profit Center

A division or segment of a business responsible for generating its own revenue and profit, evaluated independently of other parts of the business.

Outsourced Training

The practice of seeking external providers to design, conduct, or manage training programs for a company.

Service Department

A service department is a division within a company that focuses on providing after-sales services and support to customers.

Cost Centers

Parts of an organization that do not produce direct profit but do incur costs, such as customer service and research departments.