- what is the purpose of making adjusting entries? your answer should relate adjusting entries to the goals of accrual accounting.
- Do adjusting entries affect income statement accounts, balance sheet account or both? Explain
- What is meant by the term unearned revenue? where should an unearned revenue account appear in the financial statement? As the work is done, what happened to the balance of an unearned revenue account?
- Briefly explain the concept of materiality. if an item is not material, how is the item treated for financial reporting purposes?
- List various accounts in the balance sheet that represent deferred expense.
- How is deferred revenue reported in the balance sheet?
- How do accrued but unpaid expenses affect the balance sheet?
- How does accrued but uncollected revenue affect the balance sheet?
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