All categories

3 years ago

Adjusting Entries are:

Business

2 answers:

LekaFEV [45]3 years ago

6 0

Answer:

The answer is B.

Explanation:

Some business transactions are so huge or large to the extent that there might be omission or error in recording transactions when they occur.

Adjusting entries are done to update entries for previously unrecorded expenses or revenues. They are usually done at the end of the months.

Since accrual methods are the most preferred, they are done to make Financial statement achieve the objective of 'completeness'

julia-pushkina [17]3 years ago

4 0

Answer: B. updating entries for previously unrecorded expenses or revenues.

Explanation: Adjusting entries are updating for previously unrecorded expenses or revenues. They are entries used in recording business transactions that have taken place but have not yet been appropriately recorded in accordance with the accrual method of accounting—that recognizes revenue in the period in which it was earned and not when cash is received. It is also given as an entry in the general ledger that occurs at the end of an accounting period to record any unrecognized income or expenses for the accounting period. The matching principle is used to match expenses to the related revenue within the same accounting period.

You might be interested in

Samson's purchased a lot four years ago at a cost of $398,000. At that time, the firm spent $289,000 to build a small retail out

vladimir1956 [14]

Answer:

initial cash flow is 2,929,000

Explanation:

Attached is the table

3 0

3 years ago

How does local techology help people?

worty [1.4K]

By using technology, cities are able to track data about public problems, generated often by citizens, to develop effective policy solutions. In addition to helping with internal planning and addressing municipal problems, cities can use technology to advertise their assets.

4 0

3 years ago

A difference between operations and projects is that operations end when their objectives have been reached, whereas projects do

maxonik [38]

Answer:

FALSE

Explanation:

It is False that the difference between operations and projects is that operations end when their objectives have been reached, whereas projects do not.

The reverse is true because projects are time-bound and they come to an end when their objectives have been achieved, but company operations are expected to continue as a going concern.

A project is an activity to meet the creation of a unique product or service, an thereafter terminates while operations are day to day routine activities that are expected to continue

3 0

3 years ago

ABC Ltd. purchased a new 3-D printer for $500,000 at the beginning of year 1. Although this printer is expected to last for 10 y

Klio2033 [76]

Answer:

ɨt աɨʟʟ ɦaʋɛ ʟօst ɨt's ʍaʀҡɛt ʋaʟʊɛ

5 0

2 years ago

chubhunter [2.5K]

Answer:

False

Explanation:

The situation above is called the "pitch." This is a process of persuasion whereby people present their ideas to their potential clients or investors. This is done in order to achieve a particular purpose. In the situation above, the ad agency's purpose is to win the potential client's account. In order to become successful in pitching ideas, one has to consider some pointers such as getting to the point fast, using a message map, not using too many slides and the like.

So, this explains the answer.

5 0

3 years ago