The Company Uses Up $5,000 of the Book Value of an Existing

question 85

Multiple Choice

The company uses up $5,000 of the book value of an existing asset.The company adjusts its accounts accordingly.Which of the following is a true statement?

• A)This is an accrual adjustment.
• B)This is a closing adjustment.
• C)This is a deferral adjustment.
• D)The adjustment should not have been made.

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Definitions:

Industrial Revolution

A period of major industrialization that took place during the late 1700s and early 1800s, leading to significant changes in agriculture, manufacturing, and transportation.

Emile Durkheim

A French sociologist, one of the founding figures of sociology, known for his contributions to the study of social order, collective consciousness, and the role of society in shaping individual behavior.

Functionalism

A theoretical framework in sociology that emphasizes the interconnectedness of society's various institutions and their roles in maintaining social stability and functionality.

Sociologists

Experts in the social sciences who study the structure, development, and functioning of human society, and the dynamics of social relationships and behaviors.