Question
132. The user created a GR/IR account in the activity. For what is the GR/IR abbreviation? Explain why the theoretical balance of this account should
132.
The user created a GR/IR account in the activity. For what is the GR/IR abbreviation? Explain why the theoretical balance of this account should be zero. Explain why.
What are the two timing differences that may result in the GR/IR account having a temporary balance? Is an adjustment necessary for any kind of misstatement to the general ledger on an overall basis?
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
4th edition
978-0073369709, 73369705, 78025370, 978-0077444846, 77444841, 978-0078025372
