Question

You are the chief financial officer of a small corporation, and the date is December 31. You recently asked the new accountant to prepare the initial draft of the financial statements for your review. However, when you receive the draft, you quickly notice that no adjusting journal entries were made.
Required
Write a short memo explaining the importance of adjusting entries and the potential misstatements that can result from their exclusion.


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  • CreatedJuly 16, 2015
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