Adjusting Entries Are

question 36

Multiple Choice

Adjusting entries are

• A) the same as correcting entries
• B) needed to bring accounts up to date and match revenue and expense
• C) optional under generally accepted accounting principles
• D) rarely needed in large companies

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Definitions:

Originator's Profits

The earnings generated by the creator or initial producer of a product or service, typically before any secondary market involvement.

Innovation

The act of introducing something new or making improvements to existing products, services, methodologies, or technologies.

Widespread Diffusion

The broad and extensive spread of something, such as a technological innovation or cultural idea, across a wide area or among a large number of people.

Oligopolists

Firms or entities that are part of an oligopoly, a market dominated by a small number of large suppliers, leading to limited competition.