Question

10. When are adjusting entries entered?

Question 10 options:


At the beginning of the accounting cycle



At the end of the fiscal year



At the beginning of the fiscal year



At the end of the accounting cycle

Answer 1

The answer Is at the end of the accounting cycle

Explanation: I just took the test

Answer 2

Answer: At the end of the fiscal year

Step-by-step explanation: In simple words, adjusting entries refers to the entries that are made in the accounts at the end of the accounting for to recognize income and expenses that are not accurately recorded in the accounts.

These journal entries can only be made at the end of the year as the mistakes could only be identified after preparing and comparing all the statements relating to the company.