TAILIEUCHUNG - Lecture College accounting (13/e): Chapter 12 - Price, Haddock, Farina

Chapter 12 - Accruals, deferrals, and the worksheet. After reading this chapter, you should be able to: Determine the adjustment for merchandise inventory, and enter the adjustment on the worksheet; compute adjustments for accrued and prepaid expense items, and enter the adjustments on the worksheet; compute adjustments for accrued and deferred income items, and enter the adjustments on the worksheet; complete a 10-column worksheet; define the accounting terms new to this chapter. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Accruals, Deferrals, and the Worksheet Section 1: Calculating and Recording Adjustments Chapter 12 Section Objectives Determine the adjustment for merchandise inventory, and enter the adjustment on the worksheet. Compute adjustments for accrued and prepaid expense items, and enter the adjustments on the worksheet. Compute adjustments for accrued and deferred income items, and enter the adjustments on the worksheet. Revenue is recognized when earned, not necessarily when the cash is received Revenue is recognized when the sale is complete. A sale is complete when title to the goods passes to the customer or when the service is provided. For sales on account, revenue is recognized when the sale occurs even though the cash is not collected immediately. Accrual Basis of Accounting Expenses are recognized when incurred or used, not necessarily when cash is paid Each expense is assigned to .

• Kế toán - Kiểm toán
• College accounting
• Lecture College accounting
• Financial statement
• Cost accounting
• Recording adjustments
• Uncollectible accounts
• Job order cost accounting
• Accounting for sales
• Accounts receivable
• Accounting for purchases
• Accounts payable
• Closing procedures
• Accounting cycle
• Accounting principles
• Reporting standards
• Accounting for partnerships
• Allocating income
• Process cost accounting
• Process inventory
• Language of business
• Financial information
• Analyzing business transactions
• Financial interest
• T accounts
• General ledger
• General journal
• The worksheet
• Trial balance
• Closing entries
• Postclosing trial balance
• Cash receipts
• Cash payments
• Payroll computations
• Payroll laws
• Payroll taxes
• Employee income tax
• Notes payable
• Notes receivable
• Merchandise inventory
• Inventory costing methods
• Disposition of assets
• Depreciation methods
• Capital stock transactions
• Capital stock
• Corporate earnings
• Capital transactions