Which One of the Following Is Not a Justification for Adjusting

question 108

Multiple Choice

Which one of the following is not a justification for adjusting entries?

• A) Adjusting entries are necessary to ensure that revenue recognition principles are followed.
• B) Adjusting entries are necessary to ensure that the expense recognition principle is followed.
• C) Adjusting entries are necessary to enable financial statements to be in conformity with IFRS.
• D) Adjusting entries are necessary to bring the general ledger accounts in line with the budget.

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Definitions:

Delineated List

A detailed enumeration or cataloging of items, often structured for clarity and ease of understanding.

Request For Proposal

A document issued by an organization to solicit proposals from potential suppliers for a desired project or service.

Bidding Process

The procedure by which a contractor is selected to work on a project, usually involving submission of proposals and selection based on criteria such as price and capability.

Reconciliation

The process of ensuring that two sets of records or accounts are in agreement, often used in accounting to match transactions and balances.