TAILIEUCHUNG - Lecture Financial accounting (9th Edition): Chapter 3 - Weygandt, Kieso, Kimmel

Chapter 3 - Adjusting the accounts. The following will be discussed in this chapter: Explain the time period assumption, explain the accrual basis of accounting, explain the reasons for adjusting entries, identify the major types of adjusting entries, prepare adjusting entries for deferrals. | Preview of Chapter 3 Financial Accounting Ninth Edition Weygandt Kimmel Kieso Accounting in Action 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. Generally a month, a quarter, or a year. Accountants divide the economic life of a business into artificial time periods (Time Period Assumption). LO 1 Jan. Feb. Mar. Apr. Dec. . . . . . Alternative Terminology The time period assumption is also called the periodicity assumption. Timing Issues Monthly and quarterly time periods are called interim periods. Most large companies must prepare both quarterly and annual financial statements. Fiscal Year = Accounting time period that is one year in length. Calendar Year = January 1 to December 31. LO 1 Fiscal and Calendar Years Timing Issues The time period assumption states that: revenue should be recognized in the accounting period in which it is earned. expenses should be matched with revenues. the economic life of a business can be divided into artificial time periods. the fiscal year should correspond with the calendar year. LO 1 Review Question Timing Issues Accounting in Action 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. Accrual-Basis Accounting Transactions recorded in the periods in which the events occur. .

• Kế toán - Kiểm toán
• Adjusting the accounts
• Adjusting entries
• Recognizing revenues
• Financial accounting
• Lecture Financial accounting
• Kế toán tài chính
• Accounting principles
• Lecture Accounting principles
• Adjusting accounts
• Preparing financial statements
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Accounting period
• Accrual basis of accounting
• The time period assumption
• Prepare adjusting entries
• Accounting in action
• The recording process
• Accounting information systems
• Completing the accounting cycle
• Principles of financial accounting
• Accounting information
• Financial reporting
• Revenue recognition
• Expense recognition
• Lecture Principles of financial accounting
• Bài giảng Nguyên lý kế toán tài chính
• Accrual basis accounting
• Financial statements
• Time period assumption
• The accrual basis
• Managerial accounting
• Financial and managerial accounting
• Accounting system
• Income statement
• Lecture Financial and managerial accounting
• Managerial decisions
• Internal controls
• Plant assets
• Natural resources