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ADJUSTING THE ACCOUNTS - Coggle Diagram
ADJUSTING THE ACCOUNTS
Interim periods
- Monthly and quarterly
Fiscal Year
- one year
Calendar Year
- 1/1 to 31/12
Accrual-Basis Accounting
Cty ghi lại revenue khi perform dvu hơn nhận cash
Expenses đc ghi nhận khi incurred ( phát sinh ) thay vì khi payment
Cash-Basis Accounting
Revenues recognized when cash is received
Expenses recognized when cash is paid
Adjusting Entries
one income statement account
one statement of financial position account
Types of Adjusting Entries
Deferrals
Prepaid Expenses .
Expenses paid in cash before they are used or consumed
Cash payment
BEFORE
Expense recorded
Unearned Revenues
Cash received before services are performed
Cash receipt
BEFORE
Revenue recorded
Accruals
Accrued Revenues
revenues cho dvu đã có nhưng ch nhận đc cash hay record
Revenue recorded
BEFORE
Cash receipt
Accrued Expenses
Expenses incurred but not yet paid in cash or recorded
Expense recorded
BEFORE
Cash payment
Depreciation - tính toán lại giá asset sau sự hao mòn của sau sd