Adjusting entries are:?

Question

the same as correcting entries

needed to bring accounts up to date and match revenue and expense

optional under generally accepted accounting principles

rarely needed in large companies

Answer 1

needed to bring accounts up to date and match revenue and expense

Adjusting entries are accounting journal entries that convert a company's accounting records to the accrual basis of accounting. An adjusting journal entry is typically made just prior to issuing a company's financial statements.