Exam (elaborations)

Accounting 212 Chapter 4 Study Guide with Complete Solutions

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ACC 212

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ACC 212

Accounting 212 Chapter 4 Study Guide with Complete Solutions Why are adjustments made to the accounting records at the end of the period? (1/9) - Answer-To ensure assets and liabilities are reported at appropriate amounts. To ensure the related revenues and expenses are reported in the proper p...

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accounting 212 chapter 4 study guide with complete

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FIRST PUBLISH SEPTEMBER 2024

Accounting 212 Chapter 4 Study Guide
with Complete Solutions

Why are adjustments made to the accounting records at the end of the period?

(1/9) - Answer✔✔-To ensure assets and liabilities are reported at appropriate amounts.

To ensure the related revenues and expenses are reported in the proper period.

Deferral adjustments are needed when the business: - Answer✔✔-Pays cash before the expense has

been incurred

Receives cash before the revenue has been generated

On September 1, Year 1, Hales Company paid its rent in advance for the months of October, November,

and December. On December 31, Year 1, Hales made the required adjustment to adjust its accounts.

How does this year-end adjustment impact the amounts reported on the company's financial

statements? - Answer✔✔-Decreases and asset (BS)

Increases and expense (IS)

On September 1, Year 1, a tenant of Bloomington Company business paid its rent in advance for the

months of October, November, and December. On December 31, Year 1, Bloomington made the required

adjustment to adjust its accounts. How does this year-end adjustment impact the amounts reported on

the company's financial statements? - Answer✔✔-Decrease a liability (typically deferred revenue) (BS)

Increases a revenue (IS)

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