Financial Accounting
Chapter Preview
Chapter Outline
Slide 4
Accrual-Basis Accounting and Adjusting Entries
Fiscal and Calendar Years
Accrual- versus Cash-Basis Accounting
Accrual- versus Cash-Basis Accounting
Recognizing Revenues and Expenses
Recognizing Revenues and Expenses
Recognizing Revenues and Expenses
Slide 12
The Need for Adjusting Entries
The Need for Adjusting Entries
Types of Adjusting Entries
Slide 16
DO IT! Timing Concepts
DO IT! Timing Concepts
DO IT! Timing Concepts
Slide 20
Adjusting Entries for Deferrals
Prepaid Expenses
Supplies
Supplies
Supplies
Insurance
Insurance
Insurance
Depreciation
Depreciation
Depreciation
Prepaid Expenses
Prepaid Expenses Summary
Unearned Revenues
Unearned Revenues
Service Revenue
Service Revenue
Unearned Revenues
Slide 39
Slide 40
Adjusting Entries for Accruals
Accrued Revenues
Accrued Revenues
Accrued Revenues
Accrued Revenues
Accrued Revenues
Accrued Revenues
Accrued Revenues - Summary
Accrued Expenses
Accrued Interest
Accrued Interest
Accrued Interest
Accrued Salaries and Wages
Accrued Salaries and Wages
Accrued Salaries and Wages
Accrued Salaries and Wages
Accrued Salaries and Wages
Accrued Expenses - Summary
Slide 59
Adjusting Entries
Summary of Basic Relationships
Summary of Basic Relationships
DO IT! Adjusting Entries for Accruals
DO IT! Adjusting Entries for Accruals
Slide 65
Adjusted Trial Balance and Financial Statements
Preparing the Adjusted Trial Balance
Preparing Financial Statements (1/2)
Preparing Financial Statements (2/2)
Preparing Financial Statements (2/2)
DO IT! Trial Balance
DO IT! Trial Balance
DO IT! Adjusting Entries for Accruals
DO IT! Adjusting Entries for Accruals
Chapter Appendix Outline
Slide 76
Alternative Treatment of Deferrals
Prepaid Expenses Supplies
Supplies
Prepaid Expenses Adjustment Approaches - Comparison
Unearned Revenues Service Revenue
Service Revenue
Unearned Revenues Adjustment Approaches - Comparison
Summary of Additional Adjustment Relationships
Learning Objective 6* Discuss financial reporting concepts.
Qualities of Useful Information Fundamental Qualities
Qualities of Useful Information Enhancing Qualities
Assumptions in Financial Reporting (1/2)
Assumptions in Financial Reporting (2/2)
Slide 90
Principles in Financial Reporting (2/2)
Cost Constraint
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