1. Why are adjustments needed to the accounting records?

Group of answer choices

To record assets, liabilities, and equity accounts at the appropriate amounts at the end of an accounting period.

To adjust the accounting records for tax purposes

To control for the inflow of cash at the end of an accounting period

To control for an inflow of revenues at the end of an accounting period

2. In completing a bank reconciliation, you should

Group of answer choices

Increase the Bank Balance for Deposits in Transit and Decrease the Bank Balance for Outstanding Checks

Increase the Book Balance for Deposits in Transit and Increase the Book Balance for Outstanding Checks

Increase the Bank Balance for Deposits in Transit and Decrease the Book Balance for Outstanding Checks

Decrease the Book Balance for Deposits in Transit and Increase the Bank Balance for Outstanding Checks

3.

FOB Shipping Point indicates that the seller

Group of answer choices

Must record revenue when the goods arrive at the shipping department

Must record revenue when the goods leave the shipping department

Must record expenses when the goods arrive at the shipping department

Must record a reduction in equity when the goods arrive at the shipping department