Why is it unethical not to record adjusting entries when required? What difference does it make?
Why is it unethical not to record adjusting entries when required? What difference does it make?
What is the difference between adjusting entries and correcting entries? A. Both adjusting entries and correcting entries are a planned part of the accounting process. B. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors. C. Both adjusting entries and correcting entries are not a planned part of the accounting process. D. Correcting entries are a planned part of the accounting process, adjusting entries are not planned...
Why do companies make adjusting entries?
What is the difference between adjusting entries and closing entries?
What is the purpose of adjusting entries? If we failed to make the proper adjustments at year end, how will our expenses be effected? How will our liabilities be affected? Will our assets be affected. Provide an example of when the liabilities would be affected if we fail to post an adjusting entry. Why is the matching principle important here?
To record adjusting entries, use:A. Report menu > General Journal Entries.B. Company menu > Make General Journal Entries.C. Banking menu > Make General Journal EntriesD. Accountant menu > Journal Entries
Can you answer that for me and explain why? 14. Adjusting Entries are required: When expenses are paid for in a different period than when the cost is incurred to generate revenue. At the end of the accounting period to adjust to the accrual basis of accounting. | When a cost occurs with the passage of time and it has yet to be recorded in the period. The end of the reporting period to comply with GAAP. All the choices...
Why do companies record adjusting journal entries at the end of the accounting periods? Give an example of unearned revenue and accrued expense
Why are adjusting entries needed? What are the four scenarios that lead to the four types of adjusting entries? What are the four financial statements, and what does each of them convey about an organization? What do closing entries do, and how do they work?
1. What is a prepaid expense? Why does a company have to make this adjustment? What other adjusting entries do a company need to make for a period before preparing financial statements? 2. Why it important to reconcile the bank statement? What are some of the items involved in the reconciliation process? What do you do when you find errors during reconciliation? What happens if you don’t fix them? Name other accounts that can be reconciled.
What are adjusting entries? Why are they needed? Adjusting entry examples are appreciated.