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    Question

    Which of the following is true about adjusting journal entries in accounting?       

    A They are made at the end of the accounting period to update accounts for accrued revenues and expenses. Correct Answer Incorrect Answer
    B They are made at the beginning of the accounting period to record opening balances. Correct Answer Incorrect Answer
    C They are made throughout the accounting period to record all transactions. Correct Answer Incorrect Answer
    D They are not used in accounting. Correct Answer Incorrect Answer

    Solution

    Adjusting journal entries are made at the end of the accounting period to update accounts for accrued revenues and expenses, prepaid expenses, depreciation, and other items that need to be adjusted before preparing the financial statements.

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