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Why do we need adjusting entries? How do we account for unrecorded receivables and liabilities?
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We define the balance sheet, stating its purpose. We explain what information is provided on the balance sheet.
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account classification and preparation of financial statements for Proprietary Fund --LO 2
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STATEMENT OF NET POSITION
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Balance sheet and income statement accounts related to the acquisition and payment cycle
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return on investment vs. economic value added measures
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adjusted trial balance to formation of all financial statements
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solve for retained earnings; construct balance sheet; analyze financial condition.
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review of accounting equation and solving for retained earnings.
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Problem 1-16 explained. Equity vs. fair value
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Why do we need adjusting entries? How do we account for unrecorded receivables and liabilities?
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