Section outline

  • Lecture Objectives:

    To teach the students about the concepts of timing issues of accounting periods, accrual vs cash basis accounting, reasons for adjustments, adjustments for deferrals & accruals and how they can use the knowledge practically.

    Lecture Outcomes:

    At the end of the session student will:

    • You will be know the accrual basis of accounting and the reasons for adjusting entries.
    •  You will be able to prepare adjusting entries for deferrals and accruals
    • You will know to describe the nature and purpose of an adjusted trial

    Lecture contents:

    • Timing Issues Selecting an Accounting time Period
    • Fiscal and Calendar Year 
    • Accrual Vs. Cash basis of accounting
    • Recognition of Revenues and expenses
    • Adjusting Entries for deferrals
    • Adjusting entries for Accruals
    • Preparing the adjusted trial balance