Multiple Choice
The reason it is necessary to prepare adjusting entries at the end of the financial year is:
A) to correct errors made during the year.
B) to provide as accurate a profit measurement as possible.
C) to prepare the ledger for the next accounting period.
D) to close the accounts.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: The prepaid insurance account of Tan Traders
Q2: If an adjustment for depreciation is omitted
Q4: The capital account of a sole trader
Q5: The current liability is:<br>A) accrued delivery expenses.<br>B)
Q6: On 1 July 2014 Tan Traders paid
Q7: On the first day of the year
Q8: The last step in the manual accounting
Q9: At year-end it was forgotten to accrue
Q10: During 2014 The Style Hairdressing Salon paid
Q11: The wages expense account for Gerry Mander,