Chapter-3BarryBus21std (1) - AGSM University of California at Riverside IncomeStatement 1 AGENDA TodayClass Admin Chapters 3 Next class 2 Learning

Chapter-3BarryBus21std (1) - AGSM University of California...

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1 AGSM University of California at Riverside Reporting Operating Results on the  Income Statement
2 AGENDA Today- Today- Class Admin Class Admin Chapters 3 Chapters 3 Next class Next class
3 Learning Objectives Learn common operating transactions Learn common operating transactions Understand Revenue and matching principles Understand Revenue and matching principles Analyze record and summarize operating transactions Prepare Unadjusted trial Balance Limitation of income statements
4 Operating activities include buying goods and services from suppliers and employees and selling goods and services to customers and then collecting cash from them. Operating Activities
5 Income Statement Accounts
6 Cash/Accrual Basis Accounting GAAP Records revenues when they are earned and expenses when they are incurred , regardless of the timing of cash receipts or payments. Accrual Basis Accounting Cash Basis
7 Revenue Principle—Revenue Recognition

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