Question

Adjustments ensure that ______ balances are reported at amounts representing the economic benefits that remain at the end of the period and will be used-up in future periods.

Answer 1

What we own are asset, adjustments ensure that asset balances are reported

What is an asset?

An asset is of worth that has economic value and future benefit.  An asset can serve as a source of income generating money for present and future endeavors.

Therefore, what we own are asset, adjustments ensure that asset balances are reported

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