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:

Elastic Clause

A provision in the U.S. Constitution that grants Congress the power to pass all laws necessary and proper for carrying out its enumerated powers, also known as the Necessary and Proper Clause.

Article I

This is the first section of the U.S. Constitution, which establishes the legislative branch of the federal government, the Congress.

Enumerated Powers

Specific powers granted to Congress as outlined in the United States Constitution.

Commerce Clause

A provision in the U.S. Constitution (Article I, Section 8, Clause 3) granting Congress the power to regulate trade between states, with foreign nations, and among Indian tribes.