Transcript preview of chapter 3.pptx

3
Adjusting the Accounts
Learning Objectives
After studying this chapter, you should be able to:
Explain the time period assumption. [1]
Explain the accrual basis of accounting. [2]
Explain the reasons for adjusting entries and Identify the major types of [3]
adjusting entries.
Prepare adjusting entries for deferrals. [4]
Prepare adjusting entries for accruals. [5]
Describe the nature and purpose of an adjusted trial balance. [6]
Preview of Chapter 3
Accounting Principles
Eleventh Edition
Weygandt Kimmel Kieso