Adjusting entries that are made to reflect differences between the actual and recorded value of an asset or a change in accounting principle are called
A)reconciliations.
B)revaluations.
C)estimates.
D)accruals.

Question

Quizplus · Accepted Answer

Revaluations are adjustments made to reflect differences between the actual and recorded value of an asset or to account for changes in accounting principles. These adjustments ensure that the financial statements present the fair value of assets and accurately reflect any changes in accounting methods.

Adjusting Entries That Are Made to Reflect Differences Between the Actual