CHAPTER 3—THE BASICS OF ADJUSTING ENTRIES—8th Edition Study Objectives—after studying the chapter, you should be able to: 1. 2. 3. 4. 5. 6. 7. 8. Explain the time period…

Name: __________________________ Date: _____________ 1. From an accounting standpoint, the acquisition of long-lived assets is essentially a(n) A) accrual of expense. B)…

1.CHAPTER4 COMPLETINGTHEACCOUNTING CYCLE2. OUTLINE Adjusting Entries Preparing the Adjusted Trial Balance Closing Entries Preparing the Financial Statements Income Statement…

1.Chapter 3 Adjusting the Accounts Prepared by Mohd.Mohsin AssistantProfessor ofFinance IIUC 01716879886 Mohd.Mohsin,Assistant Professor,IIUC,[email protected].…

1.Adjusting the Accounts2. TIME-PERIOD ASSUMPTION The time period(or periodicity)assumption assumes the economic life of a business can be divided into artificial time periods…

STUDY OBJECTIVES After studying this chapter, you should understand: ADJUSTING THE ACCOUNTS The time period assumption assumes that the economic life of a business can be…

Slide 1 STUDY OBJECTIVES After studying this chapter, you should understand: Time period assumptionAdjusting entries for prepayments Accrual basis of accountingAdjusting…

Slide 1 Slide 2 Unit 1.3 Adjusting the Accounts Slide 3 The time period (or periodicity) assumption assumes that the economic life of a business can be divided into artificial…

Slide 1 John Wiley & Sons, Inc. © 2005 Chapter 3 Adjusting the Accounts Accounting Principles, 7 th Edition Weygandt Kieso Kimmel Slide 2 After studying this chapter,…

ADJUSTING THE ACCOUNTS CHAPTER 3 TIME PERIOD ASSUMPTION The time period (or periodicity) assumption assumes that the economic life of a business can be divided into artificial…