accrual accounting concepts

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1、CHAPTER4RudyArchuleta/ReduxPictures●✓TheNavigatorACCRUAL•ScanLearningObjectives•ReadFeatureStoryACCOUNTING•ScanPreview•ReadTextandAnswerDoit!p.175 p.180  p.187 p.190CONCEPTS•WorkUsingtheDecisionToolkitLEARNINGOBJECTIVES•ReviewSummaryofLearningObjectivesA

2、fterstudyingthischapter,youshouldbeableto:•WorkComprehensivep.198Doit!1Explaintherevenuerecognitionprincipleandtheexpenserecognition•AnswerSelf-TestQuestionsprinciple.•CompleteAssignments2Differentiatebetweenthecashbasisandtheaccrualbasisofaccounting.•Go

3、toWileyPLUSforpracticeand3Explainwhyadjustingentriesareneeded,andidentifythemajortypesoftutorialsadjustingentries.4Prepareadjustingentriesfordeferrals.ReadALookatIFRSp.2255Prepareadjustingentriesforaccruals.6Describethenatureandpurposeoftheadjustedtrialb

4、alance.7Explainthepurposeofclosingentries.8Describetherequiredstepsintheaccountingcycle.●✔The9UnderstandthecausesofdifferencesbetweennetNavigatorincomeandnetcashprovidedbyoperatingactivities.162FeatureStoryWhodoesn’tlikebuyingthingsatadiscount?theGroupon

5、atHighriseHamburgers?YoucanThat’swhyit’snotsurprisingthatthreeyearsfindtheanswertothisquestioninthenotestoafteritstartedasacompany,Grouponwasesti-Groupon’sfinancialstatements.Itrecognizesthematedtobeworth$16billion.Thistranslatesintorevenueonce“thenumber

6、ofcustomerswhoanaverageincreaseinvalueofalmost$15mil-purchasethedailydealexceedsthepredeter-lionperday.minedthreshold,theGrouponhasbeenelec-NowconsiderthatGrouponhadpreviouslytronicallydeliveredtothepurchaserandalistingbeenestimatedtobeworthevenmorethant

7、hat.ofGrouponssoldhasbeenmadeavailabletotheWhathappened?Well,account-merchant.”ingregulatorsandinvestorsKEEPINGTheaccountingbecomesbegantoquestionthewaythatevenmorecomplicatedwhenTRACKOFGrouponhadaccountedforyouconsiderthecompany’sloy-someofitstransactio

8、ns.ButifGROUPONSaltyprograms.GrouponoffersGrouponsellsonlycouponsfreeordiscountedGrouponsto(“Groupons”),you’reprobablywonderinghowitssubscribersfordoingthingssuchasreferringhardcanitbetoaccuratelyaccountforthat?Itnewcustom