Accruals and Deferrals - Adjusting entries
6 important questions on Accruals and Deferrals - Adjusting entries
Four types of adjusting entries
Liabilities to revenue (Unearned Revenue, like subscriptions)
Accruing unpaid expenses (e.g. Electric expenses)
Accruing uncollected revenue
If a company debited an entire cash payment to an expense account for some consumable asset (such as office supplies), what adjustment would they make at period end?
Why are assets depreciated?
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When cash comes in first and revenue is earned later (or when cash is paid out first and the asset is consumed afterwards), this is called a:
Wages, interest paid or electricity would be examples of:
What is the principle of materiality?
The question on the page originate from the summary of the following study material:
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