ACC 280 WEEK 2 DQ 1 - Week 2 What are the four different...

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Week 2 What are the four different adjusting entries? What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries? What are the advantages and disadvantages of using automated accounting systems to do adjusting entries? What are your thoughts on making adjusting entries; are they really needed or is this just extra work by accountants?
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What are the 4 different Adjusting Entries?:   Adjusting entries are classified as either deferrals or accruals.   Each class  has two subcategories: Prepaid Expenses, Unearned Revenues, Accrued Revenues and Accrued Expenses. What accounting assumptions necessitate the use of adjusting entries?:   Some events are not recorded daily because it  is not efficient to do so.   Some costs are not recorded during the accounting period   because they expire with the 
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This note was uploaded on 11/21/2011 for the course ACC 280 280 taught by Professor Lindaking during the Spring '10 term at University of Phoenix.

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ACC 280 WEEK 2 DQ 1 - Week 2 What are the four different...

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