What are adjusting entries and what is their purpose?
Adjusting entries are journal entries made at the end of the accounting period to record the completed portion of these partially completed transactions. Adjusting entries are necessary to apply the revenue recognition and matching principles and ensure that a company's financial statements include proper amounts for revenues, expenses, assets, liabilities, and stockholders' equity.
You might also like to view...
Input controls are intended to detect errors in transaction data after processing
Indicate whether the statement is true or false
Why is the payback method often more useful than the net present value method for evaluating systems projects?
CRM programs facilitate communication from a company to its customers and from customers to the company
Indicate whether the statement is true or false
If Julia is accused of robbing a bank and she has witnesses testify that she was having her nails done at the time the robbery took place then she is using a(n):
a. Miranda right b. exclusionary rule c. alibi d. defensive defense e. none of the other choices are correct