SSC CGL Exam > SSC CGL Videos > SSC CGL Tier 2 - Study Material, Online Tests, Previous Year > Adjustment Entries: Introduction
Adjustment Entries: Introduction Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
FAQs on Adjustment Entries: Introduction Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year
| 1. What are adjustment entries? |  |
Ans. Adjustment entries are journal entries that are made at the end of an accounting period to update the accounts and bring them in line with the correct financial position. These entries are necessary to ensure accurate financial statements.
| 2. Why are adjustment entries necessary? | |
Ans. Adjustment entries are necessary because they help to correct errors, allocate revenues and expenses correctly, and ensure that financial statements reflect the true financial position of a company. They help in presenting accurate and reliable financial information.
| 3. What types of accounts require adjustment entries? | |
Ans. Several types of accounts require adjustment entries, including accrued revenues and expenses, prepayments, depreciation, unearned revenues, and inventory adjustments. These accounts need adjustment entries to bring them up to date and reflect the current financial situation accurately.
| 4. How are adjustment entries recorded? | |
Ans. Adjustment entries are recorded by making journal entries in the general ledger. The debit and credit amounts are determined based on the nature of the adjustment and the affected accounts. These entries are then posted to the corresponding accounts in the ledger.
| 5. Can adjustment entries be reversed? | |
Ans. Yes, adjustment entries can be reversed in the following accounting period if the need arises. Reversing entries are made to cancel out the impact of the previous adjustment entry. This helps to simplify the accounting process and ensures that only the current period's transactions are considered.
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