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the revenue recognition principle

study objectives

After studying this chapter, you should be able to:

1 Explain the revenue recognition principle and the expense recognition principle.

2 Differentiate between the cash basis and the accrual basis of accounting.

3 Explain why adjusting entries are needed, and identify the major types of adjusting entries.

4 Prepare adjusting entries for deferrals.

5 Prepare adjusting entries for accruals.

6 Describe the nature and purpose of the adjusted trial balance.

7 Explain the purpose of closing entries.

8 Describe the required steps in the accounting cycle.

9 Understand the causes of differences between net income and cash provided by operating activities.

chapter

ACCRUAL ACCOUNTING CONCEPTS

4

● Scan Study Objectives

● Read Feature Story

● Scan Preview

● Read Text and Answer p. 175 p. 180 p. 185 p. 189

● Work Using the Decision Toolkit

● Review Summary of Study Objectives

● Work Comprehensive p. 197

● Answer Self-Test Questions

● Complete Assignments

● Go to WileyPLU S for practice and tutorials

● Read A Look at I FR S p. 224

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