Which of the following statements about the need for adjustments is not correct?
A)Without adjustments,the financial statements present an incomplete and misleading picture of the company.
B)Adjusting entries are intended to change the operating results to reflect management's objectives for operating performance.
C)Adjustments help the financial statements present the best picture of whether the company's activities were profitable for the period.
D)Adjustments help the financial statements present the economic resources that the company owns and owes at the end of the period.

Question

Quizplus · Accepted Answer

Adjustments need to be made at the end of an accounting period to (1)update amounts already recorded in the accounting records and (2)include events that occurred but had not yet been recorded.Without these adjustments,the financial statements present an incomplete and misleading picture of the company's financial performance.

Which of the Following Statements About the Need for Adjustments