You are watching: Adjusting entries are designed primarily to correct accounting errors.
Which of the following statements regarded U.S. GAAP and also IFRS is incorrect?Both U.S. GAAP and IFRS encompass guidance for adjusting entries.Both UNITED STATE GAAP and IFRS prepare the exact same 4 financial statements.UNITED STATE GAAP does not need items to be separated by current and also noncurrent classifications on the balance sheet.UNITED STATE GAAP balance sheets report present items first.IFRS balance sheets normally existing nonpresent items initially.
U.S. GAAP does not call for items to be separated by existing and also nonpresent classifications on the balance sheet. Correct
On April 1, Santa Fe, Inc. passist Griffith Publishing Company type of $1,548 for 36-month subscriptions to numerous different magazines. Santa Fe debited the prepayment to a Prephelp Subscriptions account, and the subscriptions began instantly. What amount should show up in the Prepaid Subscription account for Santa Fe, Inc. after adjustments on December 31 of the first year assuming the company is utilizing a calendar-year reporting duration and no previous adjustment has actually been made?$1,548$398$516$1.161$0
The distinction between the expense of an asset and also the accumulated depreciation for that ascollection is calledDepreciation ExpenseUnearned DepreciationPrepaid DepreciationDepreciation ValueBook Value
The balances in Sanchez Accounting Services" office offers account on February 1 and also February 28 were $1,200 and also $375, respectively. If the office supplies price for the month is $1,900, what amount of office offers was purchased in the time of February?$1,075$1,500$1,525$2,325$3,100
If Regent Tax Services" office provides account balance on March 1 was $1,400, the agency purchased $675 of gives in the time of the month, and also a physical count of gives on hand also at the finish of March indicated $1,250 unused, what is the amount of the adjusting entry for office offers on March 31?$675$825$1.250$1,975$525
T/F: The revenue acknowledgment principle is the basis for making adjusting entries that pertain to unearned and accrued profits.
A trial balance prepared after adjustments have been videotaped is dubbed a(n):Balance sheet.Adjusted trial balance.Unadjusted trial balance.Classified balance sheet.Unclassified balance sheet.
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T/F: Under the accrual basis of accounting, adjustments are often produced prepassist expenses and unearned earnings.