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Income Measurement & The Reporting Cycle - Larry M. Walther

© 2010 Larry M. Walther, under nonexclusive license to Christopher J. Skousen & All material in this publication is copyrighted, and the exclusive property of Larry M. Walther or his licensors (all rights reserved).


Year 2010



Part 1. Income Measurement1. "Measurement Triggering" Transactions and Events1.1. The Meaning of "Accounting" Income1.2. More Income Terminology1.3. An Emphasis on Transactions and Events2. The Periodicity Assumption2.1. Accounting Implications3. Basic Elements of Revenue Recognition3.1. Payment and Revenue Recognition4. Basic Elements of Expense Recognition4.1. Payment and Expense Recognition5. The Adjusting Process and Related Entries5.1. Illustration of Prepaid Insurance5.2. Illustration of Prepaid Rent5.3. I'm a Bit Confused - Exactly When do I Adjust?5.4. Illustration of Supplies5.5. Depreciation5.6. Unearned Revenues5.7. Accruals5.8. Accrued Salaries5.9. Accrued Interest5.10. Accrued Rent5.11. Accrued Revenue5.12. Recap of Adjustments5.13. The Adjusted Trial Balance5.14. Alternative Procedures for Certain Adjustments6. Accrual-Versus Cash-Basis Accounting6.1. Modified Approaches6.2. Illustration of Cash- Versus Accrual Basis of AccountingPart 2. The Reporting Cycle7. Preparing Financial Statements7.1. An Illustration7.2. Considering the Actual Process for Adjustments7.3. Financial Statements7.4. Computerization7.5. A Worksheet Approach7.6. An Additional Illustration8. The Accounting Cycle and Closing Process8.1. The Closing Process8.2. Post Closing Trial Balance8.3. Revisiting Computerization9. Reversing Entries10. Classified Balance Sheets10.1. Assets10.2. Liabilities10.3. Equity10.4. Other Entity Forms10.5. Notes to the Financial Statements11. Business Liquidity and the Operating Cycle11.1. Working Capital11.2. Current Ratio11.3. Quick Ratio
 
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