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Determining needed adjustments

Adjustments are required since certain changes take place during the accounting period. As time passes, although, the value of the asset is consumed in a business, and thus its cost gradually becomes an expense. Depreciation of long-term assets and unpaid salaries.

The new adjustment for a merchandising business is Merchandise Inventory.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9583354

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