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Taurus Ragin Jr
on Dec 17, 2024

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If the adjustment for Supplies used during the period was NOT made:

A) expenses would be too low.
B) assets would be too low.
C) expenses would be too high.
D) revenue would be too low.

Supplies

Consumable items used in day-to-day operations of a business or office, such as stationery, paper, and cleaning products.

Expenses

Outflows or other uses of assets or incurrence of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major operations.

Assets

Resources owned or controlled by a business, considered to have economic value and expected to benefit future operations.

  • Acquire insight into the fundamentals of adjusting entries and their repercussions on financial documentation.
  • Evaluate the impact of omitting adjusting entries on the reliability of financial statements.
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Aquib FarooquiDec 22, 2024
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