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1. What is accounting, in your own words? Why is it important?
Weegy: Which sentence is punctuated correctly? A. "Whales are more intelligent than most people think," says William Smith. "Why are we still hunting them for food?" [ ] (More)
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Expert Answered
Asked 5/18/2013 5:16:02 PM
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What are the steps in the accounting process? User: Of the career options listed on pages 8-12 in Accounting, which interests you most? Why?
Weegy: In my own understanding, accounting is the learning skill/knowledge to know or to learn. It is important for it is the primary method in recording transactions. The steps are: 1. Identifying and Analyzing Business Transactions 2. [ [ [ Recording in the Journals 3. Posting to the Ledger 4. Unadjusted Trial Balance 5. Adjusting Entries 6. Adjusted Trial Balance 7. Financial Statements 8. Closing Entries 9. Post-Closing Trial Balance The step seems to be the most difficult is 6. Adjusted Trial Balance. ] ] User: what is the purpose of the end-of-period adjustment? Why is it helpful? Weegy: Adjusting Entries are journal entries that are made at the end of the accounting period, to adjust expenses and revenues to the accounting period where they actually occurred. [ [ Generally speaking, they are adjustments based on reality, not on a source document. This is in sharp contrast to entries during the accounting period (such as utility bills or fees for services rendered) that depend on source documents. Their main purpose is to match incomes and expenses to appropriate accounting periods. The transactions which are recorded using adjusting entries are not spontaneous but are spread over a period of time. Not all journal entries recorded at the end of an accounting period are adjusting entries. For example, an entry to record a purchase on the last day of a period is not an adjusting entry. An adjusting entry always involves either income or expense account. ] User: 2. In what business situations would the adjusted financials be important? Why? Weegy: It is especially important for growing businesses because the growth increases the need for working capital and hence makes cash basis businesses look anemic when in fact they may be performing very well. [ [ PAGE 2 ] ] User: define "linear equation" and "function." (More)
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Asked 5/18/2013 5:20:55 PM
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