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Karla
Karla, Certified Public Accountant (CPA)
Category: Tax
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Experience:  Over 17 years performing accounting, tax and consulting service for individuals and small business.
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What accounting assumptions necessitate the use of adjusting

Customer Question

What accounting assumptions necessitate the use of adjusting entries?
Submitted: 4 years ago.
Category: Tax
Expert:  Karla replied 4 years ago.
Hello and thank you for using Just Answer.

Account balances at the end of the accounting period may not represent correct balances because a mistake was previously made, the accounts are not updated to reflect new transactions or changes in previous transactions and to account for the timing differences in recognizing revenue and expenses between accrual and cash basis of accounting. Adjusting journal entries are usually prepared at the end of an accounting period to update account balances to reflect correct balances as of the balance sheet date.

If I have adequately answered your question, please accept my answer, otherwise, please let me know if I can provide further information.
Expert:  Karla replied 4 years ago.
Is there any further information I can offer or is there anything else I can help you with?

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Karla
Karla
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Over 17 years performing accounting, tax and consulting service for individuals and small business.