The Purpose of Adjusting Entries Is To

question 111

Multiple Choice

The purpose of adjusting entries is to:

• A)Prepare the revenue and expense accounts for recording the revenue and expenses of the next accounting period.
• B)Record certain revenue and expenses that are not properly measured in the course of recording daily routine transactions.
• C)Correct errors made during the accounting period.
• D)Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period.

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Definitions:

Capitalism

An economic system where trade, industries, and the means of production are largely or entirely privately owned and operated for profit, with minimal or no government control.

Protestantism

A branch of Christianity that originated with the Reformation, a movement against what its followers perceived to be errors in the Roman Catholic Church.

Family Disruption

Events or situations causing significant change or interruption in the structure or functioning of a family unit.

Divorce

The legal dissolution of a marriage by a court or other competent body, terminating the marital union and resolving issues of alimony, child custody, and division of property.