Question: In developing an accounting information system, it is important to establish procedures whereby all transactions that affect the components of the accounting equation are recorded.Surely,

In developing an accounting information system, it is important to establish procedures whereby all transactions that affect the components of the accounting equation are recorded.Surely, balance day adjustments cause too much delay in preparing financial statements, and the financial effect of any entries made is immaterial in the long run.Why then, is it often necessary to adjust the accounts before financial statements are prepared even in a properly designedaccounting information system?(170 220 words)

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