Four Types of Adjustments [WLOs: 1, 2, 3] [CLOs: 1, 2]
Prior to beginning work on this discussion, read the Accounting Standards Update (ASU) No. 2017-13. Revenue from Contracts with Customers (Topic 606) (Links to an external site.) from the Financial Accounting Standards Board.Users of accrual accounting recognize revenues and expenses in the period in which they occur, regardless of when cash is collected or paid. In order for revenues to be recorded in the period in which the performance obligations are satisfied and for expenses to be recognized in the period in which they are incurred, companies make adjusting entries. Adjusting entries ensures that the revenue recognition and expense recognition principles are followed.
In this chapter, four types of adjustments are described: prepaid expenses, unearned revenues, accrued expenses, and accrued revenues. Select one of the four adjustments as an area of expertise, and in a minimum initial post of at least 200 words address the following:
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