Adjusting entries are used to update income statement accounts and statement of ﬁnancial position accounts.

Name: Adjusting entries are used to update income statement accounts and statement of ﬁnancial position accounts.
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Question

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Adjusting entries are necessary to update income statement accounts and statement of financial position accounts to reflect the accrual basis of accounting and ensure that the financial statements are accurate and complete.

Adjusting Entries Are Used to Update Income Statement Accounts and Statement