ACC 290 (Principles of Accounting 1) Week 2 Complete A+

What is accrual accounting? Why do generally accepted accounting principles require accrual accounting?  What is the difference between accrual and cash accounting? When might an accountant use cash basis accounting without violating generally accepted accounting principles?

What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?

What are adjusting entries and why are they necessary?  What accounts are subject to adjusting journal entries and why?  What are the types of adjusting entries (provide examples)?

When is the trial balance prepared?  What does the trial balance tell you?  What does the trial balance not tell you.  How would you explain the purpose of the adjusted trial balance?