Adjusting entries are
A) the same as correcting entries
B) needed to bring accounts up to date and match revenue and expense
C) optional under generally accepted accounting principles
D) rarely needed in large companies

Question

Quizplus · Accepted Answer

Adjusting entries are needed to bring accounts up to date and match revenue and expense. They are not the same as correcting entries, optional under generally accepted accounting principles, or rarely needed in large companies.

Adjusting Entries Are