Asked by Courtnie Marie on May 07, 2024
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Adjusting entries are made after the preparation of financial statements.
Adjusting Entries
Bookkeeping records completed at the conclusion of a financial period to apportion revenues and expenses to the timeframe in which they truly happened.
Financial Statements
Formal records of the financial activities and position of a business, individual, or other entity, including income statement, balance sheet, and cash flow statement.
- Recognize the importance of adjusting entries in the preparation of financial statements.
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Learning Objectives
- Recognize the importance of adjusting entries in the preparation of financial statements.
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