TAILIEUCHUNG - Lecture Accounting principles (11E): Chapter 3 - Coby Harmon

After completing this chapter you should be able to: Explain the time period assumption, explain the accrual basis of accounting, explain the reasons for adjusting entries and identify the major types of adjusting entries, prepare adjusting entries for deferrals,.and other contents. | 3-1 3 Adjusting the Accounts Learning Objectives After studying this chapter, you should be able to: [1] Explain the time period assumption. [2] Explain the accrual basis of accounting. [3] Explain the reasons for adjusting entries and Identify the major types of adjusting entries. [4] Prepare adjusting entries for deferrals. [5] Prepare adjusting entries for accruals. [6] Describe the nature and purpose of an adjusted trial balance. 3-2 Preview of Chapter 3 Accounting Principles Eleventh Edition Weygandt Kimmel Kieso 3-3 Timing Issues Accountants divide the economic life of a business into artificial time periods (Time Period Assumption). . Jan. Feb. Mar. Apr. Dec. Generally a quarter, or 3-4 month, Alternative Terminology The time period assumption is also called the periodicity assumption. year. LO 1 Explain the time period assumption. Timing Issues Fiscal and Calendar Years Public companies must prepare both quarterly and annual financial statements. Fiscal Year = Accounting time period that is one year in length. 3-5 Monthly and quarterly time periods are called interim periods. Calendar Year = January 1 to December 31. LO 1 Explain the time period .

• Kế toán - Kiểm toán
• Lecture Accounting principles
• Accounting principles
• Adjusting the accounts
• Time period assumption
• The accrual basis
• Adjusting entries
• Adjusting entries
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Accounting information systems
• Fundamental system principles
• Technology based accounting systems
• Accounting information
• Financial accounting
• Managerial accounting
• Managerial cost
• Reporting manufacturing activities
• Merchandising operations
• Accounting cycle
• Completing the accounting cycle
• Classified balance sheet
• Accounting for partnerships
• Partnership form of organization
• Basic partnership accounting