Adjustments for financial reporting, Accounting Basics

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Adjustments for financial reporting

- Explain the basic characteristics of the cash basis and the accrual basis of accounting.

- Recognize the reasons why adjusting entries must be made.

- Recognize the classes and types of adjusting entries.

- Organize adjusting entries.

- Determine the consequence of failing to prepare adjusting entries.

- Analyze and utilize the financial results and trend percentages.

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