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The entity gets to choose when the fiscal year runs up to. Usually, they will opt to end it after or just before a period of busy trading activity. For example, a retailer may choose to end its fiscal year at the end of January. The fiscal year-end is the date the entity’s annua...
Explain closing entries in accounting with examples. Describe what is meant by a prior period adjustment, and give two examples. Why might prior period adjustment become necessary, and how are they accounted for? What are some of the reasons why we might make adjustments? Provide an exampl...
a我们互相学习 We study mutually[translate] aAdjustments at the end of each accounting period are necessary to reflect previously unrecorded internal transactions of the business. 调整在毎会计年度的结尾是必要反射早先事务的未被记录的内部交易。[translate]...
Consider the following information when you use theClosing period adjustmentspage: It shows an advanced view of the balances on accounts, and you can perform year-end postings directly from it. The postings to the page typically occur in the closing period of the fiscal year. ...
ashe replied with a smile 她回复了以微笑[translate] aAdjustments at the end of each accounting period are necessary to reflect previously unrecorded internal transactions of the business. 调整在毎会计年度的结尾是必要反射早先事务的未被记录的内部交易。[translate]...
These entries are made at the end of an accounting period to account for any revenues or expenses that have been incurred but not yet recorded. By making these adjustments, businesses can present a more accurate portrayal of their financial performance. Typically, adjusting entries are necessary ...
When the adjustments are finished, the Accounting manager must post the closing sheet and create the opening balances for the next fiscal year. Create and post a closing adjustment entry In theUSMFcompany, go toGeneral ledger > Period close > Closing period adjustments. ...
B、An unadjusted trial balance shows the account balances after they have been revised to reflect the effects of end-of-period adjustments. C、Interim financial reports can be based on one-month or three-month accounting periods. D、The fiscal year is any 12 consecutive months (or 52 weeks)...
Answer to: Service Revenue still unearned at the end of the period, $1,166. Which financial statements does this adjustments affect? By signing up,...