财务会计 资产负债日的调整过程.pptVIP

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * AASB 101 PRESENTATION OF FINANCIAL STATEMENTS Australian accounting standards require businesses to use the accrual basis. Accrual provides ‘more’ complete portrayal of financial performance and position. Accrual provides a better guide to the future. This is not to deny the importance of cash flow information – which is less subjective. THE END-OF-PERIOD PROCESS We have recorded transactions in the journal, posted to the ledger and extracted a trial balance. The unadjusted trial balance reflects all the transactions recorded. But it is incomplete because it omits transactions that affect more than one accounting period. Accrual accounting requires adjustments. ADJUSTING ENTRIES Assign revenue to the period earned. Assign expenses to the period incurred. Bring related asset and liability accounts into correct balance. Deferrals Accruals TWO TYPES OFADJUSTING ENTRIES Prepaid expenses Accrued expenses Accrued revenues Unearned revenues FOUR CATEGORIES OFADJUSTING ENTRIES 30,000 Cash Prepaid Insurance 30,000 PREPAID INSURANCE EXAMPLE On July 1, 2007, Tsai Tools paid $30,000 for a three-year insurance policy. PREPAID INSURANCE EXAMPLE What is the journal entry on June 30, 2008? (Tsai Tools’ end of financial year) Insurance Expense 10,000 Prepaid Insurance 10,000 To record insurance expense Reduces the asset (Prepaid Insurance) from $30,000 to $20,000 and increases the expense (Insurance Expense) from zero to $10,000. Time PREPAID INSURANCE EXAMPLE What was the determining factor in matching this expense? SUPPLIES EXAMPLE Elderly Enterprises started business at the beginning of the month. $7,000 worth of office supplies were purchased on April 2, 2008, for cash. Office Supplies Cash 7,000 7,000 A count of the supplies at month end indicated that $4,000 in office supplies remained. What is the Supplies Expense for the month? SUPPLIES