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Accrued Expense (Accounting) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What is an Accrued Expense? Accrued expenses are things that we have been using, but we have not paid for them yet.How to Record Accrued Expenses?With an Accrued Expense, cash has not been affected yet – as the debt will be paid or recorded at a later date. So,...

Accrued Revenue (Accounting) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What is Accrued Revenue?Accrued revenues are where I have earned cash that I have not received yet. These are revenues earned in a period that are both unrecorded and not yet received in cash or whatever other assets they may be received in.Example of How to Record...

Adjusted Trial Balance – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What is the Adjusted Trial Balance?  An adjusted trial balance is a trial balance to which the adjusting entries have been added. The adjusted trial balance is generally completed separately from the original trial balance as a check to make certain the adjusting...

The Closing Process (Accounting) – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What is the Closing Process?The Closing Process is a step in the accounting cycle that occurs at the end of the accounting period, after the financial statements are completed. This serves to get everything ready for the next year. In order to understand this, you...

Accounting Adjustments – Explained

by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting

What are Accounting Adjustments? An accounting adjustments are journal entries. More specifically, they are things entries that I can postpone doing the journal entry for (or maybe doing a whole bunch of journal entries for) until the very end of the year. Just do one...
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