Examlex
Explain the process for establishing standard costs for manufactured products. Identify the parties responsible and accountable for the standard.
Adjusting Entries
Records in finance completed upon the conclusion of an economic term to apportion gains and expenditures to the era in which they authentically occurred.
Accrued Assets
Assets that are recognized on the balance sheet before they have been received or realized, often relating to income not yet received.
Reversing Entries
Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries from the end of the previous period, simplifying the record of new transactions.
Adjusting Entries
Journal entries made at the end of an accounting period to update account balances before producing financial statements, necessary for the accrual basis of accounting.
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