Mgmt 30A - Unit 3 Notes - Unit 3 Adjusting the Accounts ● Timing Issues and Cash vs Accrual Basis of Accounting ○ Accounting time periods ■

Mgmt 30A - Unit 3 Notes - Unit 3 Adjusting the Accounts ●...

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Unit 3: Adjusting the Accounts Timing Issues, and Cash vs. Accrual Basis of Accounting Accounting time periods Interim time periods Calendar year Fiscal year: any artificial 12 month period Cash vs. accrual-basis accounting Cash-basis accounting Revenues recognized when cash is received Expenses recognized when cash is paid Accrual-basis accounting Revenue recognition principle: when earned, regardless of whether cash is received Matching principle: expenses are recognized when incurred, regardless of payment Adjusting Entries: Deferrals (Introduction and Prepaid Expenses) Adjusting Entries Deferrals: record portion of deferral representing the expense incurred or revenue earned in accounting period
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  • Fall '19
  • Generally Accepted Accounting Principles, Dr Expense

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