Question

what are adjustments?what is the need of making adjustments while preparing final accounts?​

Answer 1

Explanation:

Making Adjustments Accurately Is Essential for Your Records. Adjusting entries are made in your accounting journals at the end of an accounting period after a trial balance is prepared. The purpose of adjusting entries is to adjust revenues and expenses to the accounting period in which they occurred.

The main purpose of adjusting entries is to update the accounts to conform with the accrual concept. ... If adjusting entries are not prepared, some income, expense, asset, and liability accounts may not reflect their true values when reported in the financial statements. For this reason, adjusting entries are necessary.

Answer 2

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