Here is the synopsis of our sample research paper on The Purpose of Adjusting Accounting Entries:. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 3 page paper examines why adjusting entries is necessary, based upon the hypothetical assertion that the purpose of adjusting entries is to correct a mistake. This paper contends that this is NOT the reason for such adjustments, and explains the reasoning for this. Bibliography lists 1 source.
Page Count:
3 pages (~225 words per page)
File: D0_GSAccnts.rtf
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Unformatted sample text from the term paper:
If a friend told me that the purpose of adjusting entries is to adjust errors in the accounts I would contend that she is wrong. The purpose of
adjusting entries is to include items at the end of the accounting period that were not recorded in daily transactions. Therefore, it would be wrong to assert that the
adjustment of entries is used for correcting mistakes since adjustments are used to include things that were not previously recorded. Use plenty
of evidence and examples to illustrate why you either agree or disagree with the question being posed. Your knowledge of accounting is what the instructor is seeking, so support
your answer with information that will show your mastery of the basic concepts: More specifically, adjusting entries occurs as a way of allocating revenue and expenses to the appropriate
period (Adjusting Entries, 2004). In other words, regular journal entries that are made on a routine basis are based on transactions that actually occur and that are equated with
a specific date. However, what often happens is that the date that accompanies a transaction may in fact not be the date required to coincide with accrual accounting.
Therefore, adjusting entries isnt about fixing mistakes, because the original entry is not really a mistake. The original entry actually happened and is therefore correct. However, by adjusting
the entry - that is, by moving it to another time, the ability to maintain the principles of accrual accounting is achieved.
Therefore, there are two main types of adjusted journal entries: accrual and deferred (Adjusting Entries, 2004). Accruals are used for revenue and expenses that are matched to
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