How does the timing of adjusting entries differ from the accounting for daily transactions?
How does the timing of adjusting entries differ from the accounting for daily transactions?
Homework Answers
ANSWER
ADJUSTING ENTRIES- AT THE YEAR END OF ACCOUNTING PERIOD
DAILY TRANSACATION-AT THE TIME OF TRANSACTION
THE TIMING OF BOTH ENTRIES THAT IS ADJUSTING ENTRIES AND DAILY TRANSACTIONS COMES BECAUSE OF THE PURPOSE OF ADJUSTING ENTERIES THAT IS TO CONVERT CASH TRANSACTION INTO THE ACCRUAL ACCOUNTING METHOD.THE ENTERIES ARE MADE IN ACCORDANCE WITH THE MATCHING PRINCIPLE TO MATCH EXPENSES TO THE RELATED REVENUE IN THE SAME ACCOUNTING PERIOD.
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