Adjusting Entries Affect Only Expense and Asset Accounts

question 80

True/False

Adjusting entries affect only expense and asset accounts.

---

Definitions:

Personal Benefit

The advantage or gain that an individual receives from a specific action, decision, or situation, often related to personal well-being or success.

Efficiency

The ability to accomplish something with the least waste of time and effort; competency in performance.

Quantity

The amount or number of a material or immaterial good considered as a unit or entity.

Quality

The standard of something as measured against other things of a similar kind; the degree of excellence of something.