Adjusting Entries Are

question 36

Multiple Choice

Adjusting entries are

• A) the same as correcting entries
• B) needed to bring accounts up to date and match revenue and expense
• C) optional under generally accepted accounting principles
• D) rarely needed in large companies

---

Definitions:

Issue

Lineal descendants such as children and grandchildren. This category of persons includes adopted children.

Interested Party

An individual or group that has an interest in any decision or activity of an organization, including shareholders, creditors, or employees.

Present Interest

A right to immediately use, possess, or enjoy property or income.

Testator's Property

Assets owned by an individual who has made a will, to be distributed after their death.