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

Question

Business

Nigel Dominguez

25 December, 06:51

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

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Amina · Answer 1

a. needed to bring accounts up to date and match revenue and expense

Explanation:

Adjusting entries are required to match all the expenses with the related incomes. It is adjusted to report all the financial information of the specific period in the specific account by following different accounting standards and principles. It updates the revenue and expenses accounts as well. So the correct option is a. needed to bring accounts up to date and match revenue and expense