ACCOUNTING PRCINCIPLES (CCCS CUSTOM)
ACCOUNTING PRCINCIPLES (CCCS CUSTOM)
14th Edition
ISBN: 9781119845102
Author: Weygandt
Publisher: WILEY
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Chapter 3, Problem 1EYCT

(a)

To determine

Adjustment entries: Adjusting entries are those entries which are made at the end of the year to update the all balances in the financial statements to show the true financial information and to maintain the records according to accrual basis principle.

Financial statements: Financial statements refer to those statements, which are prepared by the Company according to particular formats in accounting to show its financial position. Mainly Financial statements include following statements:

  • Cash flow statement
  • Income statement
  • Balance sheet

To identify: Items related to prepayment adjusting entries.

(b)

To determine

To identify: Items related to accruals adjusting entries

(c)

To determine

To identify: Trend of net income from 2011 to 2013.

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