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.

---

Definitions:

Six-Sided Die

A common type of dice that has six faces, typically numbered from 1 to 6, used in various games and probability experiments.

Probability

Estimating the chances of an occurrence happening.

Classical Method

A traditional approach in statistical hypothesis testing where conclusions are drawn based on probability calculations and assumptions.

Probability

A notation of the chances an event will transpire, marked on a scale from 0 to 1.