Adjusting Entries Are Necessary So That Asset, Liability, Revenue, and Expense

question 244

True/False

Adjusting entries are necessary so that asset, liability, revenue, and expense account balances are correctly recorded.

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Definitions:

John Locke

An English philosopher and physician, widely regarded as one of the most influential Enlightenment thinkers and commonly known as the "Father of Liberalism."

Psychosocial Development

Erikson’s theory, which emphasizes the importance of social relationships and conscious choice throughout eight stages of development.

Erik Erikson

A psychologist known for his theory on the psychosocial development of human beings.

Sigmund Freud

An Austrian neurologist and the founding father of psychoanalysis, a method for treating psychopathology through dialogue between a patient and a psychoanalyst.