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A company is required to prepare adjusting entries for its financial statements because
Common Stock
Equity ownership in a corporation, with rights to vote on corporate matters and receive dividends.
Operating Revenue
Operating revenue refers to the income generated from a company's primary business activities, such as sales of goods or services.
Other Revenues and Gains
Income streams and financial gains that do not arise from the primary operations of a business.
Consolidated Financial Statements
Financial reports that combine the accounting information of a parent company with its subsidiaries, providing a comprehensive overview.
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