Mastering Adjusting Entries
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Questions and Answers

Which type of accounting basis requires adjusting journal entries?

  • Cash basis
  • Modified basis
  • Hybrid basis
  • Accrual basis (correct)

    • When should adjusting journal entries be made?

  • Throughout the fiscal year (correct)
  • Never
  • At the beginning of the fiscal year
  • At the end of the fiscal year

    • Why are adjusting journal entries important?

  • To automate accounting processes
  • To increase revenue
  • To improve the precision of account balances (correct)
  • To decrease expenses

    • What can happen if adjusting journal entries are not managed properly?

    <p>Decreased accuracy (B)</p> Signup and view all the answers

    What does the accounting cycle involve?

    <p>Adjusting journal entries (A)</p> Signup and view all the answers

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