Income Measurement & The Reporting Cycle
Income Measurement"Measurement Triggering" Transactions and EventsThe Meaning of "Accounting" IncomeMore Income TerminologyAn Emphasis on Transactions and EventsThe Periodicity AssumptionAccounting ImplicationsBasic Elements of Revenue RecognitionPayment and Revenue RecognitionBasic Elements of Expense RecognitionPayment and Expense RecognitionThe Adjusting Process and Related EntriesIllustration of Prepaid InsuranceIllustration of Prepaid RentI'm a Bit Confused - Exactly When do I Adjust?Illustration of SuppliesDepreciationUnearned RevenuesAccrualsAccrued SalariesAccrued InterestAccrued RentAccrued RevenueRecap of AdjustmentsThe Adjusted Trial BalanceAlternative Procedures for Certain AdjustmentsAccrual-Versus Cash-Basis AccountingModified ApproachesIllustration of Cash- Versus Accrual Basis of AccountingThe Reporting CyclePreparing Financial StatementsAn IllustrationConsidering the Actual Process for AdjustmentsFinancial StatementsComputerizationA Worksheet ApproachAn Additional IllustrationThe Accounting Cycle and Closing ProcessThe Closing ProcessPost Closing Trial BalanceRevisiting ComputerizationReversing EntriesClassified Balance SheetsAssetsLiabilitiesEquityOther Entity FormsNotes to the Financial StatementsBusiness Liquidity and the Operating CycleWorking CapitalCurrent RatioQuick Ratio
