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ACC1701: Accounting for Decision Makers - 4) The Accounting Cycle: Adjusting Accounts & Completing the Cycle
4-1: Adjusting Entries Adjusting journal entries to make sure that P/L shows accurate periodical expense and revenue based on accrual accounting. Expense adjusting: Prepaid Expenses Revenue adjusting: Unearned revenue Other adjustin
ACC1701: Accounting for Decision Makers - 3) The Accounting Cycle: Mechanics of Accounting / Closing Entries
3-1: Accounting Cycle OverviewJournal Entry every time transaction occurs Summarize Journal Entry to General Ledger - Every End of the Month Create Unadjusted Trial Balance - Every End of Accounting Year Adjusting Entries to Create Adj
ACC1701: Accounting for Decision Makers - 2) Overview of Financial Statement
2-1: Four Major Financial StatementsBalance Sheet (B/S) - Statement of Financial Position Income Statement (P/L) - Statement of Comprehensive Income Statement of Change in Equity (S/S) - Statement of Retained Earnings Cash Flow Statement
ACC1701: Accounting for Decision Makers - 1)Accounting in Business
1-1: What is the aim of accounting?The main aims of accounting (the language of the business world) are to Identify, Record, and Communicate Economic Information about a Business Organization 1-2: External and Internal Users of Accounting