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linda_us, Master's Degree
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Needing help on a team project, we all have different answers.

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Needing help on a team project, we all have different answers. we need an expert to help us! True or False:

True or False:

T F A company's fiscal year must correspond with the calendar year.

T F Adjusting entries are made after the preparation of financial statements.

T F Adjusting entries are used to record the effects of internal economic (financial) transactions and events.

T F The revenue recognition principle is the basis for making adjusting entries that pertain to unearned and accrued revenues.

T F Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items.

T F The accrual basis of accounting reflects the principle that revenue is recorded when it is earned, not when cash is received.

T F Profit margin reflects the percent of profit in each dollar of revenue.

T F Revenue accounts should begin each accounting period with zero balances.

T F Closing entries are designed to transfer the end-of-period balances in the revenue accounts, the expense accounts, and the withdrawals account to owner's capital.

T F Current assets and current liabilities are expected to be used up or come due within one year or the company's operating cycle whichever is longer.

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Customer: replied 6 years ago.


THANK YOU! I may need your assistance in the future with acct. team projects.

I would be happy to assist you.

You can request me by writing "FOR LINDA" in front of your post.


Customer: replied 6 years ago.
Hey Linda, I have another project we need help on. how exactly do you get to answer my questions so you can get financial reward for helping me with some business questions? I would love to work with you again.

Thanks for requesting me. You can post your question on my profile page and write "FOR LINDA" in front of your post.