CCRUAL ACCOUNTING CONCEPTS
STUDY OBJECTIVES
Timing Issues
Revenue Recognition
Discussion Question
Expense Recognition
Accrual Basis Accounting
Cash Basis Accounting
Adjusting Entries
Types of Adjusting Entries
Prepaid Expenses
Unearned Revenue
Discussion Question
Accruals
Summary of Basic Relationships
Adjusted Trial Balance
Closing the Books
Temporary and Permanent Accounts
The Closing Process
The Closing Process Illustrated
General Ledger
Post-Closing Trial Balance
Summary of the Accounting Cycle
Comparing IFRS and ASPE
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