What is the difference between a correcting entry and an adjusting entry?
A) Correcting entries are updates required to bring accounts to the correct balances as of a certain date.Adjusting entries fix mistakes in the accounting system.
B) Correcting entries require one journal entry to fix and adjusting entries require two entries to fix.
C) Correcting entries fix mistakes in the accounting system.Adjusting entries are not mistakes but updates required to bring accounts to the correct balances as of a certain date.
D) Correcting entries and adjusting entries are the same type of entry just labelled differently.
Correct Answer:
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Q2: What is the accounting cycle?
A)It is a
Q3: In QBO,users can save adjusting entries as
Q4: What is the definition of depreciation?
A)Depreciation is
Q5: What is the difference between the accrual
Q6: What is the easiest way to correct
Q8: Correcting errors on saved documents requires all
Q9: An example of an adjusting entry
Q10: In QBO,the process for saving adjusting entries
Q11: In QBO,Recurring transactions can be classified as:
Q12: Accrued expenses are:
A)expenses that have been paid
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