Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 17 - No. 29)
What is the primary goal of performing adjustments to financial statements?
To increase net income.
To decrease net income.
To ensure that revenues and expenses are recorded in the proper accounting period.
To increase the company's assets.
Explanation
The primary goal is to apply the matching principle and revenue recognition principle to ensure accurate reporting.
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