If adjusting entries are not recorded in the accounts at the end of each month but are

Question:

‘If adjusting entries are not recorded in the accounts at the end of each month but are included on a worksheet for interim financial statements, why do we need to record them in the accounts for the financial statements at the end of the financial year?’ Discuss.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...

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