Answered: Adjusting entries can be classified as…

Adjusting entries can be classified as Select one: a. postponements and advances. b. deferrals and postponements. c. accruals and advances. d. accruals and deferrals.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 12Q: If adjusting entries include these listed accounts, what other account must be in that entry as...

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Concept explainers

Balance of Payments

BOP is categorized into the following three components:

Question

Adjusting entries can be classified as

Select one:

a. postponements and advances.

b. deferrals and postponements.

c. accruals and advances.

d. accruals and deferrals.

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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