Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 4 - Accrual Accounting Concepts - Self-Test Questions - Page 199: 4

Answer

D

Work Step by Step

Answer D - All of the above - is correct. Adjusting entries serves several purposes. They ensure that revenues and expenses are recorded in the proper period, and ensure that the financial statements contain the correct balances at the end of the accounting period.
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