Income Measurement and The Reporting Cycle The Accounting Cycle

SkousenIncome Measurement & The Reporting Cycle The Accounting Cycle Download free books at... Download free eBooks at bookboon.com2 Larry M.. Walther Income Measurement & The Reporting

Larry M Walther; Christopher J Skousen

Income Measurement & The Reporting Cycle

The Accounting Cycle

Download free books at

Download free eBooks at bookboon.com

2

Larry M Walther

Income Measurement & The Reporting Cycle

The Accounting Cycle

Download free eBooks at bookboon.com

3

Income Measurement & The Reporting Cycle: The Accounting Cycle

1st edition

© 2010 Larry M Walther, under nonexclusive license to Christopher J Skousen &

bookboon.com All material in this publication is copyrighted, and the exclusive

property of Larry M Walther or his licensors (all rights reserved).

ISBN 978-87-7681-584-4

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Income Measurement & The Reporting Cycle

4

Contents

Contents

Part 1 Income Measurement 8

1 “Measurement Triggering” Transactions and Events 9

1.1 he Meaning of “Accounting” Income 9

1.3 An Emphasis on Transactions and Events 10

2 he Periodicity Assumption 11

3 Basic Elements of Revenue Recognition 13

4 Basic Elements of Expense Recognition 14

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Income Measurement & The Reporting Cycle

5

Contents

5 he Adjusting Process and Related Entries 15

5.1 Illustration of Prepaid Insurance 18

5.3 I’m a Bit Confused – Exactly When do I Adjust? 20

5.14 Alternative Procedures for Certain Adjustments 30

6 Accrual- Versus Cash-Basis Accounting 33

6.2 Illustration of Cash- Versus Accrual Basis of Accounting 33

360°

thinking

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