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Chapter 3: ADJUSTING ACCOUNTS AND PREPARING FINANCIAL STATEMENTS - Coggle…
Chapter 3: ADJUSTING ACCOUNTS AND
PREPARING FINANCIAL STATEMENTS
THE ACCOUNTING PERIOD
A fiscal year (FY) -
Năm tài chính
Annual reporting period consisting of
any 12 consecutive months
. In Vietnam, it is the same with calendar year.
Annual financial statements
covering 1 year activities
Interim financial statements
covering one, three, or six months activity
adjusting accounts
Paid in advance
Unearned revenue
Dr unearned
Cr revenue
Prepaid expenses
Dr expenses
Cr prepaid
Supplies
Dr suppies expenses
Cr supplies
Long term asset
Dr depreciation expenses
Cr accumulator depreciation
Straight - line depreciation = (asset cost(invoice) - salvage value(estimation)) / useful life
Not billed not record
Accrued expenses
Dr expenses
Cr payable
Accrued revenue
Dr receivable
Cr revenue