Which of the Following Is True About Adjusting Entries

question 37

Multiple Choice

Which of the following is true about adjusting entries?

• A)Entries are necessary due to the conservatism principle.
• B)Entries can be done at the beginning or end of the accounting period.
• C)They zero the balance of all income statement accounts.
• D)They are a necessary part of accrual-basis accounting.

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Definitions:

Improve Memory

Techniques or practices that can enhance the ability to store, retain, and recall information.

Semantic Memory

A type of long-term memory involving the ability to remember facts and general knowledge about the world.

General Knowledge

Information that has been accumulated over time through various means about a wide range of subjects or facts.

Deliberate Practice

A highly structured activity engaged in with the specific goal of improving performance.