Income Measurement & The Reporting Cycle- - The Accounting Cycle-

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Part 1: Income Measurement

1. “Measurement Triggering” Transactions and Events
1.1 The Meaning of “Accounting” Income
1.2 More Income Terminology
1.3 An Emphasis on Transactions and Events

2. The Periodicity Assumption
2.1 Accounting Implications

3. Basic Elements of Revenue Recognition
3.1 Payment and Revenue Recognition

4. Basic Elements of Expense Recognition
4.1 Payment and Expense Recognition

5. The Adjusting Process and Related Entries
5.1 Illustration of Prepaid Insurance
5.2 Illustration of Prepaid Rent
5.3 I’m a Bit Confused – Exactly When do I Adjust?
5.4 Illustration of Supplies
5.5 Depreciation
5.6 Unearned Revenues
5.7 Accruals
5.8 Accrued Salaries
5.9 Accrued Interest
5.10 Accrued Rent
5.11 Accrued Revenue
5.12 Recap of Adjustments
5.13 The Adjusted Trial Balance
5.14 Alternative Procedures for Certain Adjustments

6. Accrual- Versus Cash- Basis Accounting
6.1 Modified Approaches
6.2 Illustration of Cash- Versus Accrual Basis of Accounting

Part 2: The Reporting Cycle

7. Preparing Financial Statements
7.1 An Illustration
7.2 Considering the Actual Process for Adjustments
7.3 Financial Statements
7.4 Computerization
7.5 A Worksheet Approach
7.6 An Additional Illustration

8. The Accounting Cycle and Closing Process
8.1 The Closing Process
8.2 Post Closing Trial Balance
8.3 Revisiting Computerization

9. Reversing Entries

10. Classified Balance Sheets
10.1 Assets
10.2 Liabilities
10.3 Equity
10.4 Other Entity Forms
10.5 Notes to the Financial Statements

11. Business Liquidity and the Operating Cycle
11.1 Working Capital
11.2 Current Ratio
11.3 Quick Ratio