Adjusting Entries That Are Made to Adjust for the Effects

question 71

Multiple Choice

Adjusting entries that are made to adjust for the effects of errors made in previous entries are called

• A)corrections.
• B)estimates.
• C)deferrals.
• D)accruals.
• E)revaluations.

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Definitions:

Epistemic Cognition

The process of thinking about and understanding the nature and limits of knowledge, and how one forms beliefs.

Polar Reasoning

A cognitive process that involves seeing situations or opinions in black and white terms, without acknowledging the nuances or middle ground.

Relative Knowledge

Knowledge or understanding that is dependent on or relational to an individual's perspective or context.

Synthesizes Contradictions

The process of merging opposing ideas or statements to form a new perspective or theory.