Which of the following statements best explains why adjustments need to be made at the end of every accounting period?
A) Accountants like to do lots of unnecessary extra work.
B) Certain accounts may need to be updated at the end of the period because of the presence of accruals and deferrals.
C) To correct errors made during the period.
D) Cash may be missing at the end of the period.
Correct Answer:
Verified
Q158: Adjustments are usually made _.
A)in the accounting
Q159: Identify the effects of each of the
Q160: Which financial statement shows Cash paid for
Q161: Miss Happ of Ace Electronics forgot to
Q162: Which financial statement shows Interest expense?
A)income statement
B)statement
Q164: On January 1,Needem,Inc.borrows $10,000 and agrees to
Q165: Adjusting entries are usually recorded at the
Q166: For each event,determine the amount of revenue
Q167: Identify the effects of each of the
Q168: Which of the following accounts typically needs
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents