Adjusting Entries Affect at Least One

question 28

Multiple Choice

Adjusting entries affect at least one

• A) income statement account and one balance sheet account
• B) revenue and the dividends account
• C) asset and one stockholders' equity account
• D) revenue and one capital stock account

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Definitions:

Obamacare

Informal term for the Affordable Care Act, a comprehensive health care reform law enacted in March 2010 in the United States aimed at expanding health insurance coverage and reducing healthcare costs.

Externalities

The positive or negative impacts of a market transaction experienced by third parties not directly involved in the transaction.

Marginal Cost

The change in total cost that arises when the quantity produced is incremented by one unit, essentially the cost of producing one additional unit of a good.

Global Warming

The long-term rise in Earth's average surface temperature due to human activities, particularly the emission of greenhouse gases, leading to climate change.