Multiple Choice
Which one of the following is not a justification for adjusting entries?
A) Adjusting entries are necessary to ensure that revenue recognition principles are followed.
B) Adjusting entries are necessary to ensure that the matching principle is followed.
C) Adjusting entries are necessary to enable financial statements to be in conformity with GAAP.
D) Adjusting entries are necessary to bring the general ledger accounts in line with the budget.
Correct Answer:
Verified
Correct Answer:
Verified
Q87: Trench and Fog Garment Company purchased equipment
Q88: Determine the impact on the balance sheet
Q89: James Corporation purchased a one-year insurance policy
Q90: Use the following information for questions
Q91: The matching principle requires that efforts be
Q94: You are visiting with a friend, Jim
Q95: The matching principle requires that expenses be
Q96: Accrued revenues are revenues which have been
Q97: A flower shop makes a large sale
Q178: Accrued revenues are<br>A) received and recorded as