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Adjustments for Financial Reporting

Learning objectives

  • Describe the basic characteristics of the cash basis and the accrual basis of accounting.
  • Identify the reasons why adjusting entries must be made.
  • Identify the classes and types of adjusting entries.
  • Prepare adjusting entries.
  • Determine the effects of failing to prepare adjusting entries.
  • Analyze and use the financial results and trend percentages.

Source: Textbook Equity, https://learn.saylor.org/pluginfile.php/41219/mod_resource/content/3/AccountingPrinciples.pdf
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