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What are adjusting entries? Why are these necessary? What are accruals?
In accounting/accountancy, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. [ The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting. They are sometimes called Balance Day
adjustments because they are made on balance day. ]
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Asked 9/15/2012 8:25:21 PM
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What is the revenue recognition principle?
Weegy: he revenue recognition principle is a cornerstone of accrual accounting together with matching principle. They both determine the accounting period, in which revenues and expenses are recognized. [ According to the principle, revenues are recognized when they are realised or realisable, and are earned (usually when goods are transferred or services rendered), no matter when cash is received. In cash accounting – in contrast – revenues ... (More)
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Asked 9/14/2012 11:16:26 AM
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Provide examples of accruals.
Weegy: example is the accrual of utilities expense. Utilities provide the service (gas, electric, telephone) and then bill for the service they provided based on some type of metering. [ As a result the company will incur the utility expense before it receives a bill and before the accounting period ends. Hence, an accrual-type adjusting journal entry must be made in order to properly report the correct amount of utilities expenses on the ... (More)
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Asked 9/15/2012 8:29:31 PM
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What is the revenue recognition principle? What is the expense recognition principle?
Weegy: The revenue recognition principle makes it so that the revenue a company earns is recorded in the same accounting period in which the product or service was sold. The expense recognition principle says that the expense will follow the revenue. [ Basically, whatever money was spent in producing the revenue will be accounted for in the same period as the revenue earned. Most argue that the principles, if followed, will show a more ... (More)
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Asked 9/15/2012 8:14:37 PM
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