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Define the accounting cycle

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Reference no: EM131751214

Select three of the six questions listed below to ask your new bookkeeper, and describe the response you expect to hear:

  • Define the accounting cycle.
  • Explain the revenue principle and its implication on the financial statements.
  • Define the matching principle and why it is critical in the preparation of the accrual-based financial statements.
  • Compare and contrast a prepaid account and a deferred account. Give an example of each and how each affects the financial statements.
  • Define and differentiate between the purpose of a journal entry, an adjusting entry, and a closing entry.
  • Define the difference between a trial balance and a post-closing trial balance.

Reference no: EM131751214

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