Accounting Dictionary - Letter A

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Adjusting entries
adjust the account balances before the final financial statements are prepared to ensure all revenues and expenses are recognized in the proper period. An adjusting entry always affects at least one balance sheet account and at least one income statement account. The four types of adjusting entries relate to accrued revenue, accrued expenses, unearned revenue, and prepaid expenses.
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