An Adjusting Entry Is Completed ________

question 20

Multiple Choice

An adjusting entry is completed ________.

• A)at the beginning of the accounting period
• B)at the end of the accounting period
• C)when the balance sheet is prepared
• D)when accounts need to be balanced in the ledger

---

Definitions:

Taxes

Compulsory financial charges imposed by a government on individuals, businesses, or transactions to fund public spending.

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, engaged in professional, commercial, or industrial activities.

Labor Hours

Labor hours refer to the total number of hours worked by employees within a specified period, often used to measure productivity and labor costs.

Capital

Financial assets or the financial value of assets, such as funds held in deposit accounts, as well as the tangible machinery and production equipment used in environments such as factories.