'Adjusting entry' presentation slideshows

Chapter 17 Homework Day 1

Chapter 17 Homework Day 1. Exercise 17-1. For the following investments, identify whether they are: TRADING SECURITIES. AVAILABLE FOR SALE HELD TO MATURITY. A bond that will mature in 4 years was bought 1 mo. ago, when the price dropped. As soon as the value increases, which is expected

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Current assets

Current assets assets that are expected to be converted into cash within one year or within the operating cycle of an entity Current Asset Section of a Balance Sheet Economic Consequences of Accounting on wealth or behavior of lenders and investors

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Receivables

Receivables. Chapter 9. Learning Objectives. Describe the common classes of receivables. Describe the accounting for uncollectible receivables. Describe the direct write-off method of accounting for uncollectible receivables.

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Receivables

Receivables. Chapter 8. Learning Objectives. Describe the common classes of receivables. Describe the accounting for uncollectible receivables. Describe the direct write-off method of accounting for uncollectible receivables.

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The Adjusting Process

3. The Adjusting Process. 1. Describe the nature of the adjusting process. 3-2. 1. Under the accrual basis of accounting , revenues are reported in the income statement in the period in which they are earned. 1. Revenue Recognition Concept.

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Current assets

Current assets assets that are expected to be converted into cash within one year or within the operating cycle of an entity Current Asset Section of a Balance Sheet Economic Consequences of Accounting on wealth or behavior of lenders and investors

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Accounting I BA 104

Accounting I BA 104. Dr. Mohamed A. Hamada Lecturer of Accounting Information Systems. Chapter 6 Adjusting deferrals and accruals Accounts . Study Objectives. Identify the major types of adjusting entries. Prepare adjusting entries for deferrals. Prepare adjusting entries for accruals.

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The Accounting Cycle: Accruals and Deferrals

The Accounting Cycle: Accruals and Deferrals. Chapter 4. Adjusting Entries. Adjusting entries are. Every adjusting. needed whenever revenue or expenses affect more than one. entry involves a change in either a revenue or expense. and an asset or liability . accounting period .

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ADJUSTING THE ACCOUNTS

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TIME PERIOD ASSUMPTION

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STUDY OBJECTIVES After studying this chapter, you should understand:

ACCRUALS AND DEFERRALS. STUDY OBJECTIVES After studying this chapter, you should understand:. STUDY OBJECTIVE 1 TIME PERIOD ASSUMPTION. The time period assumption assumes that the economic life of a business can be divided into artificial time periods.

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ADJUSTING THE ACCOUNTS

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ADJUSTING ENTRIES p.106

ADJUSTING ENTRIES p.106. Adjusting entries make the revenue recognition and matching principles Why do you adjust accounts. HAPPEN!. ADJUSTING ENTRIES p.106. Adjusting entries are required each time financial statements are prepared. Adjusting entries can be classified as 1. prepayments

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Chapter 3 Adjusting the Accounts

Chapter 3 Adjusting the Accounts. ACT 201 Lecture By: Ms. Adina Malik. Timing Issues. Time Period Assumption: Also called periodicity assumption Accountants divide the economic life of a business into artificial time periods

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Chapter 3

Chapter 3. Adjusting the Accounts. Objectives of the Chapter. I. Introduce the accrual accounting concept. II. Introduce the adjusting entries. I. Accrual Accounting. 1. The time-period concept, the revenue recognition and the matching principles. 2. Accrual versus cash basis accounting.

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The Matching Concept

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Depreciation

Depreciation. Adjusting for Fixed Assets. Depreciation. Allocation of the cost of a fixed asset over the time it is used to earn revenue Part of the cost of purchasing a fixed asset is an expense of every period where it is used

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LESSON 8-1

LESSON 8-1. Recording Adjusting Entries. 3. 4. ADJUSTING ENTRY FOR SUPPLIES. page 202. 1. Write the heading. 2. Write the date. 3. Write the title of the account debited. Record the debit amount. 1. 4. Write the title of the account credited. Record the credit amount. 2. 2. 3.

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LESSON 17-1

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LESSON 17-1

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