Question

At year-end, companies that utilize accrual-based accounting systems complete the measurement process through:.

Answer 1

Companies using the accrual concept of accounting to complete the measurement process at the year end through the recording of adjusting entries.

What is an accrual concept?

An accrual concept is one of the method which records the incomes at the time when it is earned or charges when it is incurred.

Adjusting entries are the entries recorded in the accounting books to close all the accounts at the year end. It helps in determining the correct amount of charges and revenues at the time of finalizing the accounting statements.

Therefore, the adjusting entries are used by the company to complete the measurement process while applying the accrual concept.

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