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Question 3 [10 Marks] Why are adjusting entries necessary? Surely, they cause too much delay in preparing financial statements, and the financial effect of any

Question 3 [10 Marks] "Why are adjusting entries necessary? Surely, they cause too much delay in preparing financial statements, and the financial effect of any entries made is immaterial in the long run.' Respond to this criticism. [Word limit 200] [Answer here]

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