SLO-2.2. are necessary at the end of an accounting period because some account balances do not show proper financial statement balances caused by the passage of time. OAdjusting Entries Oclosing Entries OReversing Entries OAnalyzing Entries SLO-2.3. The first or original step in recording transactions is in the OLedger OJournal OTrial Balance OBalance Sheet

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A:

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Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.