Analyzing the basic categories of adjusting entries

Analyzing the basic categories of adjusting entries
What is the difference between cash basis accounting and accrual basis accounting?
2. Which method of accounting (cash or accrual basis) is consistent with Generally
Accepted Accounting Principles?
3. Which accounting concept or principle requires companies to divide their activities
into small time segments such as months, quarters, or years?
4. What is a fiscal year? Why might companies choose to use a fiscal year that is not a
calendar year?
CHAPTER 3
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chapter 3
CHAPTER 3
The Adjusting Process
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5. Under the revenue recognition principle, when is revenue recorded?
6. Under the matching principle, when are expenses recorded?
7. When are adjusting entries completed, and what is their purpose?
8. What are the two basic categories of adjusting entries? Provide two examples of each.
9. What is a deferred expense? Provide an example.
10. What is the process of allocating the cost of a plant asset over its useful life called?
11. What is a contra account?
12. In the recording of depreciation expense, which account is credited?
13. What does accumulated depreciation represent?
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