会计学原理FinancialAccountingbyRobertLibby第八版第四章答案.docxVIP

Chapter 04 - Adjustments, Financial Statements, and the Quality of Earnings Chapter 04 - Adjustments, Financial Statements, and the Quality of Earnings 4- PAGE \* MERGEFORMAT 76 Solutions Manual ? 2014 by McGraw-Hill Global Education Holdings, LLC. ?This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. ?This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Financial Accounting, 8/e 4- PAGE \* MERGEFORMAT 77 ? 2014 by McGraw-Hill Global Education Holdings, LLC. ?This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. ?This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. Chapter 4 Adjustments, Financial Statements, and the Quality of Earnings ANSWERS TO QUESTIONS 1. Adjusting entries are made at the end of the accounting period to record all revenues and expenses that have not been recorded but belong in the current period. They update the balance sheet and income statement accounts at the end of the accounting period. 2. The four different types are adjustments for: (1) Deferred revenues -- previously recorded liabilities that need to be adjusted at the end of the period to reflect revenues that have been earned (e.g., Unearned Ticket Revenue must be adjusted for the portion of ticket revenues earned in the current period). (2) Accrued revenues -- revenues that have been earned by the end of the accounting period but which will be collected in a future accounting period (e.g., recording Interest Receivable for interest revenues not yet collected). (3) Deferred expenses -- previously recorded assets that need to be adjusted at the end of the period to reflect incurred expe