Question: Question 32 (2 points) Listen Which one is true about adjusting entries? a) the same as correcting entries b) needed to bring accounts up

Question 32 (2 points) Listen Which one is true about adjusting entries? a) the same as correcting entries b) needed to bring accounts up

Question 32 (2 points) Listen Which one is true about adjusting entries? a) the same as correcting entries b) needed to bring accounts up to date and match revenue and expense c) optional under GAAP d) rarely needed in large companies

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

X Company is considering the purchase of a new machine that would enable the company to increase production and sales of one of its products by 5,085 units; contribution margin of this product is...

Just wanna double check these answers! Assets, liabilities, and owner's capital are real accounts and do not get closed at the end of the period. True False The income summary account is also known...

1. What is the term applied to sales minus cost of merchandise sold? gross profit income from operations net income sales 2. Sunshine Service Center received a 120-day, 6% note for $40,000, dated...

Which one is true about adjusting entries? Question 1 8 options: a ) the same as correcting entries b ) needed to bring accounts up to date and match revenue and expense c ) optional under GAAP d )...

Adjusting entries are the same as correcting entries needed to bring accounts up to date and match revenue and expense optional under generally accepted accounting principle rarely needed in large...

QUESTION 1 4 Adjusting entries are the same as correcting entries needed to bring accounts up to date and match revenue and expense optional under generally accepted accounting principles rarely...

Adjusting entries are a. needed to bring accounts up to date and match revenue and expense b. optional under generally accepted accounting principles c. rarely needed in large companies d. the same...

ee What's Hot e ildTangent Games... Calculator Adjusting entries are a. needed to bring accounts up to date and match revenue and expense Ob. optional under generally accepted accounting principles...

Adjusting entries are the same as correcting entries. needed to bring accounts up to date and match revenue and expense. optional under generally accepted accounting principles. rarely needed in...

Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for...

1. Do you agree or disagree with the opinion saying independent auditing can be considered a business? Explain the concept of a risk-based approach in auditing. 2. Describe the relationship between...

The following questions dealing with the statement of cash flows are adapted from questions that previously appeared on Certified Management Accountant (CMA) examinations. The CMA designation...

The ecological challenge facing all organizations requires managers to formulate strategies that maximize shareholder wealth improve customer bases across the globe maximize ethical actions create...

Consider a 3-year bond from which you receive three coupon payments (C), one at the end of every year. The face value of the bond F is received at the end of year 3. Write the formula for the price P...

Sandy medical supplies Inc. (Sandy) is a small, family-run business in China that has been in business for almost 50 years. Sandy sells medical supplies to small and medium-sized medical clinics...

Bill (age 42) and Molly Hickok (age 39), residents ofAnchorage, Alaska, recently told you that they have become increasingly worried about their retirement. Bill, a public school teacher, dreams of...

Mr. Alan has 2018 Earned Income for RRSP purposes of $43,500. He is not a member of an RPP or a DPSP. At the end of 2018, his Unused RRSP Deduction Room was $5,100 and he has no un-deducted...

rn Monopoly Transactions These are the transactions that occurred when you "played" Monopoly. Use these transactions to complete the requirements noted above. 1) Started the business by investing...

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

New product inventory management. Estimating the demand for a new product during lead-time is important for product inventory management. The International Journal of Production Economics (August...

New product inventory management (contd). Refer to Exercise

The random variable x can be adequately approximated by an exponential probability distribution with u = 2. Find the probability that x assumes a value a. More than 3 standard deviations from m. b....