What is the difference between adjusting entries and correcting entries? a. Both adjusting entries and correcting entries are a planned part of the accounting process. b. Both adjusting entries and correcting entries are not a planned part of the accounting process. c. Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors. d. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors.
What is the difference between adjusting entries and correcting entries? a. Both adjusting entries and correcting entries are a planned part of the accounting process. b. Both adjusting entries and correcting entries are not a planned part of the accounting process. c. Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors. d. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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2. What is the difference between adjusting entries and correcting entries?
a. Both adjusting entries and correcting entries are a planned part of the accounting process.
b. Both adjusting entries and correcting entries are not a planned part of the accounting process.
c. Correcting entries are a planned part of the accounting process, adjusting entries are not planned but arise when necessary to adjust errors.
d. Adjusting entries are a planned part of the accounting process, correcting entries are not planned but arise when necessary to correct errors.
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