Adjusting Entries Are Primarily Needed For

question 125

Multiple Choice

Adjusting entries are primarily needed for:

• A)Cash-basis accounting.
• B)Accrual-basis accounting.
• C)Current value accounting.
• D)Manual accounting systems.

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Definitions:

ERISA

The Employee Retirement Income Security Act of 1974, a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry.

Fiduciary Responsibility

The obligation of one party to act in the best interest of another within a relationship of trust, such as that between a trustee and the beneficiaries.

Plan Participants

Individuals who are enrolled and covered under a specific benefits plan, often related to retirement or health insurance.

Federal Holidays

Public holidays recognized by the federal government; on these days, non-essential federal government offices are closed.