Overview/Description
It's the end of the fiscal year and all transactions must be accounted for. But there are some transactions that aren't complete, such as paying interest or delivering services. Do you record them or ignore them? The accrual basis of accounting is guided by the principle that says the revenue earned by a business must match all the expenses incurred to generate that revenue. This course will explain the step-by-step procedures to properly record incomplete transactions at the end of an accounting period. The transactions typically involve expenses, revenue, and depreciation. Accrual accounting procedures will ensure that your financial information about the business's performance is accurate. After all, accurate financial information is the basis for making crucial decisions in any successful business.
Target Audience
Individuals who require knowledge of the basics of accounting, who are starting a business, who are learning to manage the accounting activities of a business, or who need to review standard accounting principles and procedures.