The preparation of adjusting entries is

A. optional when financial statements are prepared.
B. only required for accounts that do not have a normal balance.
C. often an involved process requiring the skills of a professional.
D. straightforward because the accounts that need adjustment will be out of balance.

Question

29-07-2024
Business

Answered

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The preparation of adjusting entries is

A. optional when financial statements are prepared.
B. only required for accounts that do not have a normal balance.
C. often an involved process requiring the skills of a professional.
D. straightforward because the accounts that need adjustment will be out of balance.

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-07-29T23:33:44-04:00

Final answer:

Adjusting entries in accounting are crucial for accurate financial reporting and adherence to GAAP.

Explanation:

The preparation of adjusting entries is vital in accounting to ensure that financial statements accurately reflect the company's financial position and performance.

Adjusting entries are required before financial statements are prepared as they align the reported amounts of assets, liabilities, revenues, and expenses with the correct accounting period.

These entries are necessary to adhere to generally accepted accounting principles (GAAP) and ensure that the financial statements are reliable and informative for stakeholders.

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