Ask Question
BusinessBusiness
11 December, 06:34

Adjusting entries: (Select all that apply.) a. are required in cash-basis accounting only. b. are needed before financial statement preparation. c. update the accounts to their proper balances. d. are prepared at the beginning of the period.

+3
Answers (1)
  1. 11 December, 07:13
    0
    Option B and C are correct because adjusting entries arises due to mistakes and errors found in the recording of transactions and this does not arises in the start of the accounting period. It arises in the month ends and interim & final audits. The internal auditors also reviews the financial statements to eliminate all the errors and ommissions in the Financial statement.

    Option A is incorrect because adjusting entries are passed both in accrual accounting and cash accounting system.

    Option D is incorrect because these adjustments arises at the end of months and year audits.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Adjusting entries: (Select all that apply.) a. are required in cash-basis accounting only. b. are needed before financial statement ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A recent study determined the following elasticities for Volkswagen Beetles:Price elasticity of demand = 2Income elasticity of demand = 1.5The supply of Beetles is elastic.
Answers (1)
Suppose, to produce $200,000 worth of finished cloth in the US, textile producers import $150,000 of raw materials. The raw materials are imported duty free. However, the US has imposed a 5% nominal tariff on imports of finished cloth.
Answers (1)
Diego Inc. wants to replace a 7-year-old machine with a new machine that is more efficient. The old machine cost $50,000 when new and has a current book value of $12,000. Diego can sell the machine to a foreign buyer for $14,000.
Answers (1)
A company declared $500,000 of dividends that will be paid two months from now. Which of the following items would be increasedby this dividend declaration transaction?
Answers (1)
A project has a required return of 12.6 percent, an Initial cash outflow of $42.100, and cash Inflows of $16,500 In Year 1, $11,700 In Year 2, and $10,400 In Year 4. What is the net present value? Multiple Choice a. - $11,748.69 b. - $10.933.52 c.
Answers (1)
New Questions in Business
At Afterbadge, a chain of stores that sells computer accessories, all the marketing activities are planned at the company headquarters. These plans are required to be carried out by the employees without any deviation.
Answers (1)
A teacher writes the results of a test on the board: 7 students received a's, 10 students received b's, 18 students received c's, 4 students received d's and 1 student received an f.
Answers (1)
Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $34,000.
Answers (2)
Suppose the following two events occur in the market for elementary school teachers: a. Overcrowded schools and education budget cuts have discouraged young college students from pursuing careers in teaching. b.
Answers (1)
A local university is facing some tough decisions, so they are using the decision tree, which contains individuals, websites, and organizations that specialize in handling sensitive and difficult decisions. A. True B. False
Answers (1)
Home » Business » Adjusting entries: (Select all that apply.) a. are required in cash-basis accounting only. b. are needed before financial statement preparation. c. update the accounts to their proper balances. d. are prepared at the beginning of the period.
Sign Up Forgot Password?