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Topic 5Topic 5
Accounting for Accounting for Revenue andRevenue andExpenseExpense
 
Learning ObjectivesLearning Objectives
1.Explain criteria for revenue recognitionand expense recognition.2.Difference between the cash basis andthe accrual basis of accounting.3.Explain why adjusting entries are neededand identify the major types of adjustingentries.4.Prepare adjusting entries for prepayments and accruals.
 
Timing IssuesTiming Issues
Accounting divides the economic life of abusiness into artificial time periods(accounting period assumption).
Relationships exist between:- revenue recognition- expense recognition- period assumption
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