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What is Asset-Expense Relationship in Adjustments about?

Adjusting entries are journal entries made at the end of an accounting period to allocate revenues and expenses to the proper period. There are three types of adjusting entries: for prepayments, accruals, and estimates. Adjusting entries ensure expenses are matched with revenues and assets and liabilities are recorded in the proper period to provide an accurate picture of the company

Author

Winoah Hubalde

Language

EN