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Asked by Courtnie Marie on May 07, 2024

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Adjusting entries are made after the preparation of financial statements.

Adjusting Entries

Bookkeeping records completed at the conclusion of a financial period to apportion revenues and expenses to the timeframe in which they truly happened.

Financial Statements

Formal records of the financial activities and position of a business, individual, or other entity, including income statement, balance sheet, and cash flow statement.

  • Recognize the importance of adjusting entries in the preparation of financial statements.
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Laura Cecilia LancasterMay 07, 2024
Final Answer :
False
Explanation :
Adjusting entries are made before the preparation of financial statements to ensure that the revenue recognition and matching principles are followed, ensuring that all revenues and expenses are recorded in the period they occur.

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