In Developing an Accounting Information System It Is Important to Establish

question 172

Essay

In developing an accounting information system it is important to establish procedures whereby all transactions that affect the components of the accounting equation are recorded. Why then is it often necessary to adjust the accounts before financial statements are prepared even in a properly designed accounting system? Identify the major types of adjustments that are frequently made and give a specific example of each.

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Definitions:

Minimizing Discomfort

Involves actions and interventions aimed at reducing or eliminating physical or emotional pain and distress for individuals.

Diaphragmatic Breathing

A breathing technique that involves deep breathing, focusing on the diaphragm muscle expanding and contracting.

Rib Cage

The structure of ribs and sternum that encloses and protects the thoracic cavity and its organs.

Profuse Bleeding

A medical condition characterized by an excessive and rapid loss of blood.