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BASIC ACCOUNTING PRINCIPLES - BasisofAccounting CashBasis...

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BASIC ACCOUNTING PRINCIPLES Basis of Accounting Cash Basis Accrual Basis Test Consequences of failure to do adjustments slide 34  Understand what happens if this happens Multiple choice questions Based off chapter readings Do the quizzes in the chapters Have to separate  Current liabilities  Long term liabilities Why are we using retained earnings and wh Dividend Not an expense 
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Contra retained earnings account Deferred items Must match what’s your warehouse with what’s on your books Inventory Cost of goods sold Expense account Then credit inventory Depreciation expense Capital assets or long term assets how much of it you have used or consumed Figure out the percent used up  Depreciation expense D Accumulated depreciation building (or whatever it is) (D) you need to identify the  asset group to which it belongs
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