The Accounting Cycle - Adjusting Entries
#Adjusting Entries
Many businesses adopt the #accrual-based #accounting. This entails #adjustments at the end of every accounting period to ensure that #income and #expenditures are allocated to the correct accounting period and are in compliance with the principles of #revenue recognition, #matching and #timeperiod assumption. These adjustments are made through adjusting journal entries.
Adjusting entries for #accruals , #prepayments , #depreciation and #write-offs are prepared so that income and expenditures are completed on the accrual basis and are in compliance with the generally accepted accounting principles.
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