Understanding Financial Statements - For Beginners!
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Balance Sheets, Income Statements, Profit & Loss - What every small business owner needs to know to run a successful business.
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Accrual Accounting ConceptsKimmel ● Weygandt ● KiesoAccounti.docx
Accrual Accounting Concepts
Kimmel ● Weygandt ● Kieso
Accounting, Sixth Edition
4
4-‹#›
Prepare adjusting entries for deferrals.
CHAPTER OUTLINE
Explain the accrual basis of accounting and the reasons for adjusting entries.
1
2
LEARNING OBJECTIVES
Prepare adjusting entries for accruals.
3
Prepare an adjusted trial balance and closing entries.
4
4-‹#›
LEARNING OBJECTIVE
Explain the accrual basis of accounting and the reasons for adjusting entries.
1
LO 1
Generally a month, a quarter, or a year.
Fiscal year vs. calendar year.
Accountants divide the economic life of a business into artificial time periods (Periodicity Assumption).
Jan.
Feb.
Mar.
Apr.
Dec.
. . . . .
▼ HELPFUL HINT
An accounting time period that is one year long is called a fiscal year.
4-‹#›
Periodicity Assumption
Review Question
What is the periodicity assumption?
Companies should recognize revenue in the accounting period in which it is earned.
Companies should match expenses with revenues.
The economic life of a business can be divided into artificial time periods.
The fiscal year should correspond with the calendar year.
LO 1
4-‹#›
Companies recognize revenue in the accounting period in which the performance obligation is satisfied.
REVENUE RECOGNITION PRINCIPLE
LO 1
4-‹#›
TEACHING TIP
Service businesses recognize revenue when the services are performed, although many customers may have been billed for the services (on account). The cash has not been received; however, the services have been performed. Therefore, revenue should be recognized.
Illustration: Assume Conrad Dry Cleaners cleans clothing on June 30, but customers do not claim and pay for their clothes until the first week of July. The journal entries for June and July would be:
REVENUE RECOGNITION PRINCIPLE
LO 1
4-‹#›
“Let the expenses follow the revenues.”
ILLUSTRATION 4-1
EXPENSE RECOGNITION PRINCIPLE
LO 1
4-‹#›
ILLUSTRATION 4-1
GAAP relationships in revenue and expense recognition
EXPENSE RECOGNITION PRINCIPLE
LO 1
4-‹#›
INVESTOR INSIGHT
Reporting Revenue Accurately
The Until recently, electronics manufacturer Apple was required to spread the revenues from iPhone sales over the two-year period following the sale of the phone. Accounting standards required this because Apple was obligated to provide software updates after the phone was sold. Since Apple had service obligations after the initial date of sale, it was forced to spread the revenue over a two-year period. As a result, the rapid growth of iPhone sales was not fully reflected in the revenue amounts reported in Apple’s income statement. A new accounting standard now enables Apple to report much more of its iPhone revenue at the point of sale. It was estimated that under the new rule revenues would have been about 17% higher and earnings per share almost 50% higher.
Apple Inc.
LO 1
4-‹#›
Accrual-Basis Accounting
Transactions recorded in the periods in which the events occur.
Revenues ar ...
Net Income | Accounting
Net Income is defined as excess of Income or Revenue of a business over all the expenditures of the business for the specified period, say an accounting year. Net Income is also termed as Net Profit or Net Earnings or bottom line profit. Copy the link given below and paste it in new browser window to get more information on Net Income:- www.transtutors.com/homework-help/accounting/net-income.aspx
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Understanding Financial Statements - For Beginners!
- 1. For Small Business Owners Understanding Financial Statements Prepared by Five Star Accounting Unit B1 - 1150 Waverley Street, Winnipeg, MB R3T 0P4 | 204.927.7111 | fivestaraccounting.ca
- 2. Who are the users of Financial Statements? Owners - Yes, Really! Lenders - For Comparative YTY Statements Investors - To See Performance Tax Preparers
- 3. Shows Income / Revenue Shows Expenses Covers a Period (Month, Quarter, Year) If Revenue > Expenses = Net Income Profit & Loss Statment
- 4. Shows Values at a Point in Time Should Balance Assets = Liabilities + Equity Balance Sheet
- 5. Assets = Liabilities + Equity 7,000 = 5,500 + 1,500
- 6. What are Retained Earnings (R/E)? - The accumulation of previous years' net incomes or net losses. - Each year, the income or loss is added to the R/E beginning balance. - Negative R/E tells us the company has not been profitable.
- 7. The P&L and Balance Sheet "Hold Hands"!
- 8. What if Revenue increase by $200?
- 9. What if Expenses increase by $200?
- 10. New Office Furniture Cost $4000 Yearly Amortization is $400
- 11. REVENUE & EXPENSES Points to Remember About and Accrual Accounting!
- 12. - Revenues are recorded when EARNED and Not when money is received. This is called the Revenue Recognition Principle! - Expenses are to be matched to the period when INCURRED and NOT when paid. This is called the Matching Principle. It is also to be matched to the revenue it helped generate!