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Which of the following regarding end - of - period adjustments is correct? Multiple Choice After adjustments, all temporary accounts should have a balance of
Which of the following regarding endofperiod adjustments is correct?
Multiple Choice
After adjustments, all temporary accounts should have a balance of zero.
Adjustments are needed because we use accrualbasis accounting.
Adjustments are recorded to make sure all cash inflows and outflows are recorded in the current period.
Adjustments are recorded for all external transactions.
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