Answer the following questions in your initial reply. 175 word

Answer the following questions in your initial reply. 175 word minimum.

Every time a company prepares financial statements, adjusting entries are required. Generally, financial statements are prepared at the end of each month, the end of each quarter and at the end of each year.

Each adjusting entry affects a balance sheet account and an income statement account. For example, Adjusting Entries for Prepaid Assets or Fixed Assets involve decreasing the asset account and increasing the expense account. Adjusting entries are made in order properly follow GAAP.  

  1. Based on your review of Chapter 3, describe an adjusting journal entry that is needed at the end of an accounting period.
  2. Why are adjusting entries important and how do they contribute to accurate financial reporting?
  3. Accrual accounting is required under U.S. GAAP. One of the main principles of accrual accounting is the Matching Principle, also known as the Revenue Recognition Principle and the Expense Recognition Principle. Consult a reliable resource online and in your own words, explain the difference between accrual basis accounting and cash basis accounting. How does this relate to the Matching Principle?

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

Health & Medical Question Nursing Assignment Help

For this assignment, you will select a disease of your choice and conduct a detailed analysis of that disease, exploring it from a balanced traditional and alternative health perspective. Begin by searching the Center for Disease Control (CDC) website Diseases and Conditions Inde Links to an external site. to choose

· Each answer should refer to at least one author/text

· Each answer should refer to at least one author/text discussed  · Each answer should be approximately 250 words long. · To have full credit, you must cite at least two authors discussed in class. · Avoid direct quotations. Use your own words.  Questions: 1. Why did “modernization” only occur

Mr. Sweet, 38 years old, is brought to the Emergency

Mr. Sweet, 38 years old, is brought to the Emergency Department unresponsive. He has a history of Type 1 diabetes and has been sick for the last 3 days. On admission his Blood sugar is 532, Potassium is 7.2 and ABG results include pH 7.08, Bicarb 12, and CO2 28.

Primary Task Response: Within the Discussion Board area, write 250-300

Primary Task Response: Within the Discussion Board area, write 250-300 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas. Discuss the following points regarding

General Environmental (PESTEL) Analysis

Topic: Group 1 Automotive, Inc. (NYSE: GPI) is an international Fortune 500 automotive retailer with automotive dealerships and collision centers in the United States, United Kingdom and Brazil. Group 1 sells new and used cars and light trucks, arranges financial services, provides maintenance and repair services, and sells vehicle parts.

Scenario It has now been one month since you launched

Scenario It has now been one month since you launched your business. You are meeting with a few investors soon to share your vision for the company and to ask for more funding. You will be sharing your company’s financial health at this meeting. To do that, you need to

Coronary Heart Disease Questions Nursing Assignment Help

I’m trying to study for my Health & Medical course and I need some help to understand this question. 1. Describe the health production function in decreasing deaths from coronary heart disease.    2. What is moral hazard, and how does it increase the cost of medical care? Chapter 3: Do

Assignment Details Evidence is a crucial part of both the

Assignment Details Evidence is a crucial part of both the prosecution and the defense. The evidence must be relevant to the case being adjudicated. In addition, evidence cannot stand alone. It may be supported by other evidence, witness statements, victim statements, and the statements of the accused. Considering evidence must

I like the direction you are going in. Food-for-thought, six

  I like the direction you are going in. Food-for-thought, six months for a time frame might be too long to complete for your DNP project on the prevention and treatment of Sexually Transmitted Diseases (STDs). Consider carving a smaller piece of this critical area to focus on (a smaller

Chapter 14 topics: Define and describe the mobile web. Describe

 Chapter 14 topics: Define and describe the mobile web. Describe the different generations of cell phones. Describe how smartphones differ from ordinary cell phones. Select a mobile or traditional website that interests you. Describe the site in terms of the ecosystem that makes up the site’s user experience.  Chapter 15

For your presentation, you have already completed a case study

 For your presentation, you have already completed a case study about your client/group, the theoretical analysis of your client’s behavior using a biological, psychological, and social perspective, and a discussion of the role of values in your client’s behavior. Now you need to discuss your client’s familial influence on behavior. 

There are dozens of internet resources that will help you

  There are dozens of internet resources that will help you with getting additional money. And sometimes they can deliver you positive feelings but sometimes they can ruin your week and make your day so bad. When you wanted to find one of those service you will go to your

The purpose of this discussion assignment is to reflect upon

  The purpose of this discussion assignment is to reflect upon your understanding of epistemology, i.e., the philosophical approach to knowledge and truth. In 1-2 pages, plus two references address the following: Identify a belief you think is true. Identify and explain a philosophical account of truth from the readings that might

In Module 3, we learned about common traits or characteristics

 In Module 3, we learned about common traits or characteristics of successful entrepreneurs. Do a little research, and choose a modern day entrepreneur. This can be someone that many people know, but also feel free to share about a lesser known entrepreneur. Name the person, and discuss their accomplishments as

Health in the media

 1.A brief summary (2-4 sentences) of each news story. List the complete APA citation for each article before your summary, as well as the time and date stamp from ‘Discussion’ sign-up. 2. A discussion (500-700 words) of how the health issue is covered by the two media outlets. Your analysis

you are required to say thank you to two different

you are required to say thank you to two different people who were instrumental in your life.  One thank you should be done verbally (face-to-face) and the other thank you should be done via electronic communication (text, email, FaceTime, IG, Snap Chat, Skype, etc).  Write a minimum of three paragraphs for each Thank You