Acct wk3

Week 3: Accrual Accounting, Adjusting Entries & the Accounting Cycle

During the week, we will explore the differences between cash

-

basis and accrual

-

basis

accounting, and learn the steps required to complete the accounting cycle. With that in mind,

let's

begin by discussing the following question:

Why do companies make adjusting entries? When are adjusting entries made and at what point in

the accounting process?

How is the accrual basis of accounting different from the cash basis

?

1. Include in your post that you attended the live lecture.

2. Provide a summary of yo

ur key takeaways from the lecture.

B

ook

for references

Financial Accounting: Tools for Business Decision Making

9

th

Kimmel, Weygandt and Kieso

2019 Wiley

Week 3: Accrual Accounting, Adjusting Entries & the Accounting Cycle

During the week, we will explore the differences between cash-basis and accrual-basis

accounting, and learn the steps required to complete the accounting cycle. With that in mind, let's

begin by discussing the following question:

Why do companies make adjusting entries? When are adjusting entries made and at what point in

the accounting process? How is the accrual basis of accounting different from the cash basis?

1. Include in your post that you attended the live lecture.

2. Provide a summary of your key takeaways from the lecture.

Book for references

Financial Accounting: Tools for Business Decision Making 9

th

Kimmel, Weygandt and Kieso

2019 Wiley