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URL:https://www.learndesk.us/class/6613772330336256/lesson/7e03c70aa4ce1572c29c1214564487b8?ref=outlook-calendar
SUMMARY:9.4 Adjusting Accounts for Financial Statements
DTSTART;TZID=America/Los_Angeles:20260407T190000
DTEND;TZID=America/Los_Angeles:20260407T200000
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DESCRIPTION: Adjusting the accounts
Financial information must be timely and accurate to be useful to decision-makers.

Financial statements need to be prepared at regular intervals (periods)
Accounts need to be adjusted and updated in order to ensure all revenues, expenses, assets, and liabilities are recorded.
Adjustments are based on three generally accepted accounting principle

Timeliness Principle

Assumes that the organization’s activities can be divided into specific time periods such as months, quarters, and years
Requires that financial statements be presented at least annually

Revenue Recognition Principle

Revenue is reported in the time period when it is earned regardless of when the cash is received

Matching principle

Expenses are to be matched in the same accounting period as the revenues they helped to earn

On an accrual basis, revenues and expenses are recognized when earned or incurred regardless of when cash is received or paid, which is consistent with GAAP....

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