Author Question: Generally accepted accounting principles do notnormally allow the use of the direct write-off method ... (Read 263 times)

piesebel · **on:** Jul 5, 2018

Generally accepted accounting principles do notnormally allow the use of the direct write-off method ofaccounting for uncollectible accounts.
a. True
b. False

Indicate whether the statement is true or false

Question 2

Which of the following statements best explains why adjustments need to be made at the end of every accounting period?

A) Accountants like to do lots of unnecessary extra work.
B) Certain accounts may need to be updated at the end of the period because of the presence of accruals and deferrals.
C) To correct errors made during the period.
D) Cash may be missing at the end of the period.