Asked by
Taurus Ragin Jr
on Dec 17, 2024Verified
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.
Verified Answer
AF
Learning Objectives
- 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.