Some accounts need to be adjusted because
A)there are never enough accounts to record all the transactions.
B)they are not up to date at the time financial statements are prepared.
C)there are always errors made in recording transactions.
D)management can't decide what they want to report.

Question

Quizplus · Accepted Answer

Adjustments are necessary to ensure that all accounts are up to date and reflect the true financial position of the company at the time the financial statements are prepared. This includes recognizing revenues earned but not yet recorded and expenses incurred but not yet recorded.

Some Accounts Need to Be Adjusted Because