The date of the instrument is not necessary. When does its date become necessary?

Q: What is the purpose of making adjusting entries?

A: The purpose of making the adjustment entry is to make the accounts upto date and the period to which…

Q: How is a correction of an accounting error made?

A: Accounting error:   It is a non-fraudulent discrepancy in the financial documents of an…

Q: What kinds of errors would cause difference in the trial balance. Also listexamples that would not…

A: Generally, errors such as not posting properly, only posting half of the journal entry in the ledger…

Q: What purpose do adjusting entries serve?

A: Adjusting entries are changes to journal entries which you have already recorded. Specifically they…

Q: What does the term “end-of-period convention” mean? What does it not mean?

A: End-of-period convention is an accounting concept according to which all income and outgoing payment…

Q: What differences between adjusting entries and closing entries?

A: A journal is a detailed account that records all the financial transactions of a business, to be…

Q: Under what law is a registration statement filed?

A: Securities Exchange Commission (SEC): This is the government agency that governs the working of…

Q: With regard to the correction of accounting errors, what is the difference between U.S. GAAP and…

A: Generally Accepted Accounting Principles:   GAAP (Generally Accepted Accounting Principles) is a…

Q: Why would the existence of conditions subsequent and precedent affect the discharge of a contract?

A: A contract is an agreement between more than one person to perform the duties mentioned in the…

Q: Why does the accruals that involve internal transactions require adjusting entries?

A: Adjusting entries are internal transactions that update account balances in accordance with accrual…

Q: When should revenue be recognised? Are there exceptions to the general rule?

A: Definition:   The revenue recognition principle: The revenue recognition principle refers to the…

Q: State the rules in case the thing to be delivered deteriorates with the debtor's fault or without…

A: A debtor seems to be a person or corporation who promises to repay. The debtor is generally…

Q: If a payment of a deferred expense was recorded under the alternative treatment, what account would…

A: Deferred expensesAdvance payment for future expenses is called as prepaid expenses. These prepaid…

Q: Provide an example of why a trial balance may not balance.

A: Trial balance refers to the statement or the worksheet which balances of all the ledgers that are…

Q: What is the difference between adjusting entries and correcting entries?

A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…

Q: What is an unadjusted trial balance? An adjusted trial balance?

A: Definition:   A trial balance is a summary of all the ledger accounts. The trial balance is…

Q: What is meant by the term unearned revenue? Where should an unearned revenue account appear in the…

A: Revenue: It refers to the amount earned by a business from selling its goods or services to the…

Q: what is the adjusting entries for this problem? How do find the adjusting entries?

A: Adjusting entries are the journal entries should be recorded to rectify the balances in the…

Q: is the postclosing trial balance not designed to verify

A: The Answer :

Q: Is it necessary that a trial balance be prepared periodically? What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: Why are adjusting entries and note disclosures labeled “proposed”?

A: Adjustment Entries: The entries are generally recorded prior to preparation of financial statements…

Q: Is the agreement of a  trial balance absolute proof of the accuracy of the books of accounts? If…

A: Meaning of Trial balanceA trial balance is a statement that shows the debit totals and credit…

Q: Do time lines deal only with years, or can other time periods be used?

A: The term time line refers to list of events which take place in chronological order. Timelines are…

Q: What is non-posted interest on statements? Please explain.

A: The answer is stated below:

Q: How does IFRS differ from current U.S. GAAP with respect to accounting for impairments?

A: When the asset value reduces due to market or technological factors which it turn fall below its…

Q: Is it necessary that a trial balance be taken periodically?What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: Why is it necessary to record the adjusting entries in the preparation of final accounts?

A: Adjusting Entries: Adjusting Entries are Entries which are made At Year End to record the Pending…

Q: What are scheduled, interim, and past due statements? Please explain.

A: Financial statements are documents that detail a company's operations and cash flows results. . The…

Q: In interim reporting, do you need to make formal adjustments in the books of accounts?

A: Following is the answer to the given question

Q: If an account payable is left off the end of the period balance, what are the possible other…

A:

Q: Which of the following is incorrect? A.To qualify as a liability, an obligation must be payable in…

A: As per Generally Accepted Accounting Principles, liabilities refer to a present obligation that…

Q: With r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: What are the characteristics of Adjusting Entries?

A: Adjusting entries are entries passed at the end of the period to accurately reflect income,…

Q: Is a transaction that has the effect of lowering an asset recorded as a debit or as a credit? Is the…

A: A transaction is a business engagement that has an economic effect on a financial statement and is…

Q: What is a promissory note, and what are some terms that arenormally included in promissory notes?

A: SOLUTION:- A promissory note is a instrument where one person or party promises(the note's issuer)…

Q: If a payment of a deferred expense was recorded under the alternative treatment, what account would…

A: Deferred expense:   Advance payment for future expenses is called as prepaid expenses. These prepaid…

Q: What are adjusting entries and why are they necessary?

A: Adjusting entries: Adjusting entries are journal entries which are recorded at the end of the…

Q: Distinguish between a reversing entry and an adjusting entry. Are reversing entries required?

A: Adjusting entries means some entries which is to be paid at the end of specified period regarding…

Q: where is the correcting entry of the following?

A: Prepaid Expenses: Future costs that have been paid for in whole or in part in advance are referred…

Q: describe a scenario in which you as a nonaccountant might us accounting.

A: A process that involves the recording transactions of financial nature is known as accounting.

Q: What is the major difference between the unadjusted trial balance and the adjusted trial balance?

A: Adjusted trial balance , as name suggest , is a trial balance which is made after the year end…