Adjusting Entries Identify Four Types of Timing Differences Between Cash Flows and Flows

question 76

Essay

Adjusting Entries
Identify four types of timing differences between cash flows and the recognition of expenses or revenues that may require adjusting entries.Give an example of each.

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Definitions:

Strabismus

A condition that results in a lack of parallel visual axes of the eyes; commonly called crossed eyes.

Presbyopia

A condition associated with aging in which the eye exhibits a progressively diminished ability to focus on near objects.

Myopia

A condition that occurs when light entering the eye is focused in front of the retina; commonly called nearsightedness.

Glaucoma

A condition in which too much pressure is created in the eye by excessive aqueous humor. This excess pressure can lead to permanent damage of the optic nerves, resulting in blindness.