Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword or section
Like this
5Activity
0 of .
Results for:
No results containing your search query
P. 1
Measuring Business Income (With Adjusting & Closing

Measuring Business Income (With Adjusting & Closing

Ratings: (0)|Views: 268 |Likes:
Published by Shashank

More info:

Categories:Types, School Work
Published by: Shashank on Sep 11, 2010
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PPT, PDF, TXT or read online from Scribd
See more
See less

03/11/2013

pdf

text

original

 
MEASURING BUSINESS INCOME(With Adjusting & closing Entries)
ADJUSTING ENTRIES: End-of-periodentries that assign the financial effects of implicit transactions to the appropriatetime periods.
 
F
eatures of Adjusting Entries
1.Every adjusting entry affects both abalance sheet account (i.e. asset or liability) and an Income Statement (i.e.revenue or expense).2.Adjusting entries never affect the cashaccount since adjustments are neededwhen transactions affect the revenue or expenses of more than one accountingperiod.
 
Transactions result in Deferrals
Deferrals:It is a delay of the recognition of expenditure or revenue already received ±Concerned with past cash receipts andpayments.Expl: Prepaid Expenses & unearnedrevenue.

Activity (5)

You've already reviewed this. Edit your review.
1 hundred reads
1 thousand reads
prakashselva liked this
talaat liked this
syriusbyzness liked this

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->