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Chapter 3: Measuring Business Income: The Adjusting Process
(E3-8, 3-21, P3-3A, 3-7A)

Learning Objective 1: Apply the recognition criteria for revenues and expenses
Revenue Recognition  Revenue should be recognized when it has been earned 1. Entity should have completed or performed the majority of the tasks related to the sale 2. The amount of the sale is known 3. There is reasonable assurance that the amount earned will be collected Record revenue equal to the cash value of the goods or service transferred to the customer



Recognition criteria for expenses   Expenses are the cost of assets and services which are consumed when earning revenue Matching principle: expenses incurred recorded with revenues earned during the accounting period 1. Identify all expenses incurred during the accounting period 2. Measure the expenses 3. Match the expenses against the revenues earned during the period

Learning Objective 2: Distinguish accrual-basis accounting from cash-basis accounting
Accrual-Basis Accounting Accrual accounting records the effect of every business transaction as it occurs Records revenues when they are earned and expenses when they are incurred Cash-Basis Accounting Cash-basis accounting records transactions only when cash receipts and cash payments occur Records revenues when cash is received and expenses when cash is paid

Example 1: James purchases $4,000 in supplies on account

Example 2: James completed a job on credit for $15,000

Learning Objective 3: Make adjusting entries
Accrual-basis accounting requires adjusting entries at the end of the period in order to produce correct balances for the financial statements 1. Assign revenues to the period in which they are earned 2. Assign expenses to the period in which they are incurred 3. Update the asset and liability accounts Five Categories of Adjusting Entries 

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