The Three Basic Categories of Adjusting Entries Are

question 48

Multiple Choice

The three basic categories of adjusting entries are:

• A)deferrals, depreciation and accruals.
• B)deferrals, unearned and accruals.
• C)depreciation, deferrals and closing.
• D)accruals, deferrals and reversing.

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Definitions:

Judicially Admitted

Statements or facts that have been acknowledged and accepted by a court as true and valid.

Partnership by Estoppel

A legal doctrine that treats a non-partner as a partner due to their actions or representations to third parties.

Statute of Frauds

A legal concept that requires certain types of contracts to be executed in writing and signed by the party to be charged with the contract.

Informal Documentation

Non-official records or papers that may not be formally recognized but can provide insight or evidence into particular areas or situations.