Adjusting entries are made after the preparation of financial statements

Asked by admin @ 28/10/2021 in Business viewed by 314 People

Adjusting entries are: a. usually required before financial statements are prepared. b. made whenever management desires to change an account balance. c. made to balance sheet accounts only. d. not necessary if the accounting system is operating properly.

Answered by admin @ 28/10/2021

Answer:

A. Usually required before financial statements are prepared

Explanation:

Adjustment entries are entries that are done at the end of one accounting period. The revenues and cost are properly adjusted for. It is required to properly account for transactions in that accounting period. These entries are done before financial statements are prepared. It's done to make sure that financial records adhere strictly to the revenue recognition and matching principles. They convert a company's record to accrual basis of accounting.

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Asked by maham237 @ 13/01/2021 in Business viewed by 2742 persons

Adjusting entries are made after the preparation of financial statements

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