Adjusting entries are

A) the same as correcting entries
B) needed to bring accounts up to date and match revenue and expense
C) optional under generally accepted accounting principles
D) rarely needed in large companies

Generally Accepted Accounting Principles

A set of accounting standards and procedures adopted in the U.S. that guide how financial statements are prepared and reported.

Correcting Entries

Entries made in a journal to correct mistakes or inaccuracies found in the financial statements or ledgers after they have been posted.

Revenue

The sum of income a corporation generates from selling products or offering services over a specified timeframe.