Accounts Receivable is an asset account, while Accounts Payable is a liability account. 1 2 3. App interface: 9/10 The Quizlet Android App is well-designed and easy to use. 17) Accounts often need to be adjusted because A. Cards are easy to view, with intuitive icons for navigation, study modes, audio, and card organization. 19) The adjusted trial balance is prepared after financial statements are prepared. However, if you have a set with more terms, the question limit is ALWAYS preset to 20. So if you would like Quizlet to make you one test using all of your terms, just tell it to. optional when financial statements are prepared. This also relates to the matching principle where the assets are used during the year and written off after they are used. Thus, it is recorded at the end of the year. d. There are always errors made in recording transactions. Asked by Wiki User. straight forward because the accounts that need adjustment will be out of balance. C) There are always errors made in recording transactions. These two accounts are also never affected during the adjustment process. B. C. D. there are never enough accounts to record all the transactions. Management can't decide what they want to report. 20) Financial statements are prepared directly from the A. the SEC is a private organization of accountants. Top Answer. A) There are never enough accounts to record all the transactions. B) Many transactions affect more than one time period. Accounts often need to be adjusted because Select one: a. often an involved process requiring the skills of a professional. Accounts often need to be adjusted because? General ledger accounts need to be adjusted because many accounts require "updates" to reflect the passage of time or accruals, which do not... See full answer below. Answer. Many transactions affect more than one time period. a. there are never enough accounts to record all the transactions. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting.They are sometimes called Balance Day ⦠d. management can't decide what they want to report Accounts often need to be adjusted because? These expenses are often recorded at the end of period because they are usually calculated on a period basis. Study modes: 7/10 The Quizlet App has basic study modes ranging from simple card review through matching games and various types of tests. 2014-07-06 17:22:53 2014-07-06 17:22:53. ⦠b. B) many transactions affect more than one time period. B. Accounts often need to be adjusted because. D) Management can't decide what they want to report. 16) Adjusting entries are required 17) Accounts often need to be adjusted because 18) The preparation of adjusting entries is 19) Can financial statements be prepared directly from the adjusted trial balance? c. There are never enough accounts to record all the transactions. Because I only made 10 terms, this test uses all 10 of them. before the trial balance. c. there are always errors made in recording transactions. Accounts often need to be adjusted because A) there are never enough accounts to record all the transactions. In accounting/accountancy, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. b. many transactions affect more than one time period. For example, depreciation is usually calculated on an annual basis. Wiki User Answered . only required for accounts that do not have a normal balance. C) there are always errors made in recording transactions. D) management can't decide what they want to report.
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