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Explain the revenue recognition principle

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Question 1: Explain the revenue recognition principle and the matching principle. Differentiate between the cash basis and the accrual basis of accounting.

Question 2: Explain why adjusting entries are needed and identify the major types of adjusting entries.

  • Adjusting entries are first entered into the general journal, and then they are posted to the individual ledger accounts. A second trial balance (the adjusted trial balance) is prepared to prove that debits and credits are still equal after the accounts have been adjusted.
  • The financial statements are prepared from the adjusted trial balance.

Reference no: EM132464944

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