The Ending Balances in the Ledger After Posting the Adjusting

question 72

True/False

The ending balances in the ledger after posting the adjusting entries will be the same amounts that are found on the worksheet in the adjusted trial balance column.

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Definitions:

Revenue Recognition

The accounting principle that revenue should be reported at the time goods are sold or services are rendered, regardless of when the payment is received.

Expense Recognition

The accounting principle that matches incurred expenses to the revenue they generate, recognizing expenses in the same period as the related revenues.

Revenue Recognition Principle

The accounting principle that revenue should be recorded when earned, regardless of when payment is received.

Services Performed

The actions or tasks provided by a business to its customers for a fee.