Accounting

Reversing Entries

Reversing Entries - Reversing entries are an optional accounting procedure which may prove useful in simplifying record keeping. A revers...

The Accounting Cycle and Closing Process - Reflecting on the accounting processes thus far described reveals the following typical steps: ...

Preparing Financial Statements - In the previous chapter, you learned all about adjustments that might be needed at the end of each accou...

Accrual Versus Cash Basis Accounting - Generally accepted accounting principles (GAAP) require that a business use the “accrual basis.” U...

The Adjusting Process and Related Entries - Illustration of Prepaid Insurance, Illustration of Prepaid Rent, I’m a Bit Confused – Exactly ...

Basic Elements of Expense Recognition - Expense recognition will typically follow one of three approaches, depending on the nature of the...

Basic Elements of Revenue Recognition - To recognize an item is to record it into the accounting records. Revenue recognition normally oc...