Adjusting Entries Made at the End of an Accounting Period

question 165

Multiple Choice

Adjusting entries made at the end of an accounting period accomplish all of the following except:

• A) Assigning expenses to the periods in which they are incurred.
• B) Assigning revenues to the periods in which they are earned.
• C) Assuring that financial statements reflect the revenues earned and the expenses incurred.
• D) Updating liability and asset accounts to their proper balances.
• E) Assuring that external transaction amounts remain unchanged.

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Definitions:

Instrumental Conditioning

The process through which an individual learns a behavior in response to a stimulus to obtain a reward or avoid a punishment.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired; a response that is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Cognitive Dissonance

A state of psychological tension induced by dissonant relationships between cognitive elements.

Anticipated Reactions

Expectations about how others might respond to one's actions, which can influence decision-making processes.