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Lesson4
AdjustingAccountsforFinancialStatementTaskTeamofFUNDAMENTALACCOUNTINGSchoolofBusiness,SunYat-senUniversity1
OutlineDescribethepurposeofadjustingaccountsattheendoftheperiod.Prepareandexplainadjustingentriesforprepaidexpenses,amortization,unearnedrevenues,accruedexpenses,andaccruedrevenues.Explainhowaccountingadjustmentslinktofinancialstatements.Explainandprepareanadjustedtrialbalance.2
Definition:thecontinuedlifeofabusinessisdividedintotimeperiodsofequallength.Review:TimeperiodconceptThisyearincomestatementNextyearincomestatementLastyearincomestatementPastperiodCurrentperiodFutureperiodDec.31,B/SdateDec.31,B/Sdategoingconcern(businesswillnotstop)3
Review:RevenueRecognitionPrincipleRevenueisrecordedatthetimeitisearnedregardlessofwhethercashoranotherassethasbeenexchanged.4
Review:MatchingPrincipleExpensesaretobematchedinthesameaccountingperiodastherevenuestheyhelpedtoearn.5
AccrualandcashbasisTheaccrualbasisofaccountingmatchesrevenuesearnedwithexpensesincurred.Thecashbasismatchesrevenuesreceivedwithexpensespaid.Itisnotsatisfactoryformostbusinessesbecauseitresultsinfinancialstatementsthatarenotcomparablefromperiodtoperiod,exceptwhentheamountsofprepaid,unearned,andaccrueditemsarenotmaterial.6
Adjust:AStepinAccountingcycle1.AnalyzeTransactions2.Journalize3.Post4.Unadjustedtrialbalance5.Adjust6.Adjustedtrialbalance7.Preparefinancestatements8.CloseNowthatwehavecoveredthetrialbalance,let’sdiscussadjustingentries.7
WhyNeedtoAdjustSomeeventsarenotevidencedbytheobviousdocuments.theeffectsoftheseeventsarerecordedattheendoftheaccountingperiodbymeansofadjustingentries.Thepurposeofadjustingtheaccountsattheendofperiodistomaketheaccountinginformationcomparablefromperiodtoperiod.8
WhyNeedtoAdjustAdjustmentsareba
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