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What is meant by the periodicity concept

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Discussion Questions - Please explain in way that it easier to understand. Thank you!

Q1. What is meant by the periodicity concept?

Q2. Differentiate fiscal, calendar, and natural business year.

Q3. What are adjusting entry? Why are adjusting entries necessary?

Q4. Cite the differences between deferrals and accruals.

Q5. Adjusting entries are needed when deferrals and accruals exist. Enumerate the two principal situations under each that require adjusting entries.

Q6. Accounts receivable that is doubtful of collection should be provided an allowance. What entry should the accountant make?

Q7. What is contra account? Give examples of contra accounts.

Q8. Illustrate how the adjusting entries would differ if the payment of a two-year insurance policy is initially recorded as an asset or as an expense.

Q9. Illustrate how the adjusting entries would differ if the receipt of a three-year rental revenues is initially recorded as a liability or as revenue.

Q10. Discuss the concept of depreciation. What are the factors to be considered in computing for depreciation expense?

Q11. If the accountant failed to record accrued interest on notes payable, what is the effect of this omission on the financial statements?

Q12. If the accountant failed to record the acquisition of computer equipment, what is the effect of this omission on the financial statements?

Q13. If an entity failed to make an adjusting entry, will the trial balance be in balance?

Reference no: EM132855297

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