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...
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...
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...
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...
by TheBusinessProfessor | Feb 23, 2025 | Managerial & Financial Accounting & Reporting
What is a Deferred Expense? Deferred expenses are assets paid in advance of receiving their benefits. I paid for these upfront but I haven’t used them yet. They often require an accounting adjustment as they are used. What is an accounting adjustment for...
