财务会计教程10E全套配套课件亨格瑞 Accrual Accounting and Financial Statements_4.ppt

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1、AccrualAccountingandFinancialStatementsCHAPTER41of35LearningObjectives(LO)Afterstudyingthischapter,youshouldbeabletoUnderstandtheroleofadjustmentsinaccrualaccountingMakeadjustmentsfortheexpirationorconsumptionofassetsMakeadjustmentsfortheearningofunearnedrevenuesMakeadjustmentsforaccrualofunrecorded

2、expensesMakeadjustmentsfortheaccrualofunrecordedrevenues2of35LearningObjectives(LO)Afterstudyingthischapter,youshouldbeabletoDescribethesequenceofthefinalstepsintherecordingprocessandrelatecashflowstoadjustingentriesPrepareaclassifiedbalancesheetanduseittoassessshort-termliquidityPreparesingle-andmu

3、ltiple-stepincomestatementsUseratiostoassessprofitability3of35LO1-AdjustmentstotheAccountsExplicittransactionsareObservableeventsthattriggernearlyallday-to-dayroutineentriesSupportedbysourcedocumentsImplicittransactionsDonotgeneratesourcedocumentsoranyvisibleevidencethattheeventactuallyoccurredArere

4、cordedinend-of-periodentriescalledadjustments4of35LO1-AdjustmentstotheAccountsAdjustmentshelpassignthefinancialeffectsofimplicittransactionstotheappropriatetimeperiodsAccruemeanstoaccumulateareceivable(asset)orpayable(liability)duringagivenperiodeventhoughnoexplicittransactionoccurs.Forexample,inter

5、estreceivableorpayablebuildswiththepassageoftime.5of35LO1-AdjustmentstotheAccountsAdjustmentsarisefromfourbasictypesofimplicittransactions:AccrualofunrecordedexpensesExpirationofunexpired(deferred)costsAccrualofunrecordedrevenuesEarningofrevenuesreceivedinadvance6of35LO2-ExpirationofUnexpiredCostsAs

6、sets(Prepaid-unexpired-Expense)ExpensesIncurredNeedadjustmentstoreflectconsumptionAppearintheBalanceSheetAppearintheIncomeStatement7of35LO2-ExpirationofUnexpiredCostsSituation:Afterpurchasing$2,000ofofficesupplies,(explicitevent)thecompanydeterminesthatatmonth-end$1,500wereused.Adjustmentrequired:Ho

7、wwouldassetsandequitybeaffectedifthisadjustmentisnotmade?OfficeSuppliesExpense1,500OfficeSuppliesInventory1,500OfficeSuppliesInventory2,000Cash2,0008of35LO3-EarningofRevenuesReceivedinAdvanceLiabilit