Which one of the following is not a justification for adjustments?
A) Adjustments are necessary to ensure that the revenue recognition principle is followed.
B) Adjustments are necessary to ensure that the expense recognition principle is followed.
C) Adjustments are necessary to enable financial statements to be in conformity with GAAP.
D) Adjustments are necessary to bring the accounts in line with the budget.
Correct Answer:
Verified
Q82: Adjustments are:
A)not necessary if the accounting system
Q88: The preparation of adjustments is:
A)straightforward because the
Q89: Adjustments are required:
A)because some costs expire with
Q90: An asset-expense relationship exists with:
A)liability accounts.
B)revenue accounts.
C)prepaid
Q91: Adjustments can be classified as:
A)postponements and advances.
B)accruals
Q92: Each of the following is a major
Q101: Accrued revenues are:
A) received and recorded as
Q101: Goods purchased for future use in the
Q102: Unearned revenues are:
A) received and recorded as
Q113: Which of the following describes an accrued
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