Adjusting Entries Made at the End of an Accounting Period

question 30

Multiple Choice

Adjusting entries made at the end of an accounting period accomplish all of the following except:

• A) Updating liability and asset accounts to their proper balances.
• B) Assigning revenues to the periods in which they are earned.
• C) Assigning expenses to the periods in which they are incurred.
• D) Assuring that financial statements reflect the revenues earned and the expenses incurred.
• E) Assuring that external transaction amounts remain unchanged.

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Definitions:

Independent Variable

A variable that is manipulated or changed in an experiment to test its effects on the dependent variable.

Dependent Variable

The variable in an experiment that is expected to change in response to manipulations of the independent variable.

SPSS

A comprehensive system for analyzing data, which stands for Statistical Package for the Social Sciences.

Factorial ANOVA

A statistical analysis method used to examine the effects of two or more categorical independent variables on a continuous dependent variable and their interactions.