This is a weekly discussion post for a financial accounting class. Here are the instructions:
Using the Annual Report of your selected company, answer the following questions in the Discussion:
- What are adjusting entries and why are they necessary?
- In your chosen company, which accounts might require adjusting entries?
- Why is it unethical not to record adjusting entries when required? What difference does it make?
- What is the purpose of an adjusted trial balance?
The company being used for this discussion is Phizer