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1. Why are adjustments needed to the accounting records?
Group of answer choices
To record assets, liabilities, and equity accounts at the appropriate amounts at the end of an accounting period.
To adjust the accounting records for tax purposes
To control for the inflow of cash at the end of an accounting period
To control for an inflow of revenues at the end of an accounting period
2. In completing a bank reconciliation, you should
Group of answer choices
Increase the Bank Balance for Deposits in Transit and Decrease the Bank Balance for Outstanding Checks
Increase the Book Balance for Deposits in Transit and Increase the Book Balance for Outstanding Checks
Increase the Bank Balance for Deposits in Transit and Decrease the Book Balance for Outstanding Checks
Decrease the Book Balance for Deposits in Transit and Increase the Bank Balance for Outstanding Checks
3.
FOB Shipping Point indicates that the seller
Group of answer choices
Must record revenue when the goods arrive at the shipping department
Must record revenue when the goods leave the shipping department
Must record expenses when the goods arrive at the shipping department
Must record a reduction in equity when the goods arrive at the shipping department
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