Which of the Following Regarding Adjusting Entries Is Correct

question 167

Multiple Choice

Which of the following regarding adjusting entries is correct?

• A)Adjusting entries are recorded for all external transactions.
• B)Adjusting entries are recorded to make sure all cash inflows and outflows are recorded in the current period.
• C)Adjusting entries are needed because we use accrual-basis accounting.
• D)After adjusting entries,all temporary accounts should have a balance of zero.

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Definitions:

Marxist

Pertaining to the theories and practices derived from the works of Karl Marx, focusing on the struggle between classes and the economic factors influencing society.

Feminist-Marxist

A theoretical framework that combines feminist and Marxist perspectives, focusing on the oppression of women within capitalist societies.

Social Inequalities

The unequal distribution of resources, opportunities, and rights among different social groups, often leading to disparities in wealth, power, and social status.

Functionalist

Pertaining to Functionalism, a theoretical perspective that views society as a complex system whose parts work together to promote solidarity and stability.