Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 07, 2024

Which one of the following is not a justification for adjusting entries? a. Adjusting entries are necessary to enable financial statements to be in conformity

Which one of the following is not a justification for adjusting entries?

a. Adjusting entries are necessary to enable financial statements to be in conformity with GAAP.

b. Adjusting entries are necessary to ensure that the revenue recognition principle is followed.

c. Adjusting entries are necessary to ensure that the expense recognition principle is followed.

d. Adjusting entries are necessary to bring the general ledger accounts in line with the budget.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting Chapters 1 24

Authors: Douglas J. Mcquaig, Patricia Bille, Tracie L. Nobles

10th Edition

1439037752, 9781439037751

More Books

Students also viewed these Accounting questions

Question

★★★★★

The Dow Jones average provides an indication of overall market level. The changes in this average, from year end, from 1969 to 1970 through 2010 to 2011 are summarized in the following frequency...

Answered: 1 week ago

Question

★★★★★

37. An object is placed 50.0 cm in front of a converging lens of focal length 10.0 cm. What are the image distance and the lateral magnification?

Answered: 1 week ago

Question

★★★★★

=+2. Should LOS be re-expressed? Are there unusual features of the distribution that may deserve special attention?

Answered: 1 week ago

Question

★★★★★

Adams, Inc. customers mail in their orders to the Adams customer service center where clerks open the orders and review them for accuracy. The clerks then key orders into the computer at which time...

Answered: 1 week ago

Question

★★★★★

Easy Auditing Company is currently performing an audit of a major client, Office Supply Company. The client is a large, well-established firm with offices all over the U.S. The client sells a variety...

Answered: 1 week ago

Question

★★★★★

post the closing entries of retained earnings to the T-account. Jul. 1 Sell $11,500 of common stock to Suzie. Jul. 1 Sell $11,500 of common stock to Tony. Jul. 1 Purchase a one-year insurance policy...

Answered: 1 week ago

Question

★★★★★

Ratino is working on how to process criticism at work so he can influence the conversation to a solution. What is the last step in this process? Select an answer: He should assume positive intent. He...

Answered: 1 week ago

Question

★★★★★

Brad Gokool is reviewing the results of the subsequent events audit procedures. Brad is writing a report for his audit partner based on these results and will be attending a meeting tomorrow with the...

Answered: 1 week ago

Question

★★★★★

Which techniques are recommended when communicating data-informed decisions? Select all that apply. a. Defining the problem. b. Assigning blame for the problem. c. Supporting the solution with data....

Answered: 1 week ago

Question

★★★★★

To which QoS policy action is the RADIUS attribute format "bw-rpct" equivalent? bandwidth bandwidth percentage bandwidth remaining percent bandwidth allowed

Answered: 1 week ago

Question

★★★★★

Heidi has been a client for some years, operating a traditional retail business. She has now made the decision to operate online as well and seeks your advice as to undertaking online transactions....

Answered: 1 week ago

Question

★★★★★

What penalty (if any) should Foster receive?

Answered: 1 week ago

Question

★★★★★

=+1. What is the schedule for this project?

Answered: 1 week ago

Question

★★★★★

Assume that you assigned to examine labour relations at the Travellers Inn. Review the material for Johnson, and briefly summarize your major findings.

Answered: 1 week ago

Previous Question Next Question