Chapter 3 Measuring Business Income

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Table of Contents Chapter 3 Measuring Business Income LEARNING OBJECTIVES LEARNING OBJECTIVES (continued) Profitability Measurement: The Role of Business Income Profitability Measurement: The Role of Business Income Net Income Revenues Expenses Discussion The Accounting Period Issue The Accounting Period Issue The Measurement of Business Income Discussion The Continuity Issue The Continuity Issue Discussion The Matching Issue The Matching Issue Discussion Accrual Accounting Accrual Accounting Implementation of Accrual Accounting PPT Slide Discussion The Adjustment Process The Adjustment Process Four Types of Adjusting Entries Deferrals Accruals Discussion Allocating Recorded Costs Between Two or More Accounting Periods Type 1: Allocating Deferred Expenses Prepaid Expenses: Rent Expense Type 1: Allocating Deferred Expenses Prepaid Expenses: Rent Expense Type 1: Allocating Deferred Expenses Prepaid Expenses: Insurance Expense Type 1: Allocating Deferred Expenses Prepaid Expenses: Insurance Expense Type 1: Allocating Deferred Expenses Prepaid Expenses: Art Supplies Expense Type 1: Allocating Deferred Expenses Prepaid Expenses: Art Supplies Expense Type 1: Allocating Deferred Expenses Prepaid Expenses: Office Supplies Type 1: Allocating Deferred Expenses Prepaid Expenses: Office Supplies PPT Slide Type 1: Allocating Deferred Expenses Depreciation of PP&E;: Art Equipment Type 1: Allocating Deferred Expenses Depreciation of PP&E;: Art Equipment Type 1: Allocating Deferred Expenses Depreciation of PP&E;: Office Equipment Type 1: Allocating Deferred Expenses Depreciation of PP&E;: Office Equipment PPT Slide Type 2: Recognizing Unrecorded (Accrued) Expenses Accrued Expenses: Accrued Wages Type 2: Recognizing Unrecorded (Accrued) Expenses Accrued Expenses: Accrued Wages Type 2: Recognizing Unrecorded (Accrued) Expenses Accrued Expenses: Estimated Income Taxes Type 2: Recognizing Unrecorded (Accrued) Expenses Accrued Expenses: Estimated Income Taxes PPT Slide Type 3: Allocating Deferred Revenues Deferred Revenues: Unearned Fees Type 3: Allocating Deferred Revenues Deferred Revenues: Unearned Fees PPT Slide Type 4: Recognizing Unrecorded (Accrued) Revenues Accrued Revenues: Advertising Fees Type 4: Recognizing Unrecorded (Accrued) Revenues Accrued Revenues: Advertising Fees PPT Slide Discussion Using the Adjusted Trial Balance to Prepare Financial Statements The Adjusted Trial Balance (ATB) Discussion Cash Flows, Accrual Accounting, and Management Objectives Cash Flows, Accrual Accounting, and Management Objectives PPT Slide PPT Slide PPT Slide PPT Slide PPT Slide PPT Slide PPT Slide Example Computation Example Computation PPT Slide PPT Slide

Author: Needles & Powers