describe the need for accruals and other adjustments in preparing fi nancial statements

Correcting a prior period entry requires a prior period adjustment to what account?

Describe the purpose what do adjusting entries serve?

Characterize accrued liabilities and liabilities from advance collection and describe when and how they should be recorded.

What information is provided by the Vendor Balance Detail Report?

Distinguish between a reversing entry and an adjusting entry. Are reversing entries required?

Define receivables and understand issues related to their recognition.

describe general principles of expense recognition, specifi c expense recognition applications, and implications of expense recognition choices for fi nancial analysis

explain the relationship of fi nancial statement elements and accounts, and classify accounts into the fi nancial statement elements

show journal entry (for part b) assuming estimate is considered to be accurate. and show a journal entry (from part b) assuming the amount is large enough to intentionally impact decision of users.