ACC 300 - UOP WEEK 3 - team assignment

Part I:

Write a 1,400- to 1,750-word paper explaining the following:

• Revenue recognition principle
• Expense recognition principle

Describe the four situations that require adjusting journal entries and provide one example for each:

• Prepaid expenses
• Unearned revenues
• Accrued expenses
• Accrued revenues

Format the paper consistent with APA guidelines.

Part II

Complete problem set P4-2A in Ch. 4 of Financial Accounting.