All of the following are reasons to adjust the account balances at the end of the period, except:
A) to accurately report the assets on the balance sheet.
B) to report all revenues earned during the period.
C) to report all expenses incurred during the period.
D) to correct any errors made during the period.

Question

Quizplus · Accepted Answer

Adjusting account balances at the end of the period is primarily done to ensure that the financial statements reflect the true financial position of the company by accurately reporting assets, revenues earned, and expenses incurred. Correcting errors made during the period, while important, is not the primary purpose of adjusting entries; it is more related to the process of error correction and may involve different types of adjustments or entries.

All of the Following Are Reasons to Adjust the Account