Preparing Adjusting Entries at the End of the Financial Year

question 55

Multiple Choice

Preparing adjusting entries at the end of the financial year is necessary:

• A) to prepare the ledger for the next accounting period.
• B) to close the accounts.
• C) to correct any errors made during the period.
• D) to calculate the profit or loss as accurately as possible.

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Definitions:

Social Psychology

The scientific study of how individuals think, feel, and behave in social contexts.

Attribution

The process by which individuals explain the causes of behavior and events, often attributed to internal or external factors.

Internal Attribution

The inference that an event or a person's behavior is due to personal factors such as traits, abilities, or feelings.

External Attribution

The process of inferring that a person's behavior is due to situational factors outside of their control, rather than internal characteristics.