GB 518 RANK Career Path Begins/gb518rank.com GB 518 RANK Career Path Begins/gb518rank.com | Página 13

$100,000
$200,000
Question 16. Question :
entries is to:

The main purpose of adjusting

Record external transactions and events
Record internal transactions and events
Recognize assets purchased during the
period
Recognize debts paid during the period
Correct errors

Question 17. Question :
statements is incorrect?

Which of the following

An income statement reports revenues
earned less expenses incurred
An unadjusted trial balance shows the
account balances after they have been revised to reflect the
effects of end-of-period adjustments
Interim financial reports can be based on
one-month or three-month accounting periods
Property, plant and equipment are
referred to as plant assets