Adjusting Entries: What They Are and Why We Need Them? - Episode 6

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The CPA Board Exam is probably one of the toughest licensure exam in the Philippines.

That's why we aim to help students have a good fundamental accounting skillset to help them in their CPA journey.

In this series of lectures by The CPA Recipe, we discuss the basics of accounting in a fun, easy to understand, and engaging way.

In this first of a two-episode of the mini-series focusing on period-end adjustments, we discuss:

1. What is the going concern assumption?
2. What is the periodicity concept?
3. What is the accounting period?
4. What is relevant and timely information?
5. What is the accrual basis of accounting?
6. Why the cash basis of accounting is not recommended by the standards?
7. What is an accounting standard?
8. What is an accrued income?
9. What is an accrued expense?
10. What is a deferred income?
11. What is a deferred expense?
12. What is the revenue recognition principle?
13. What is the expense revenue recognition principle?
14. What is the systematic and rational allocation of expenses?
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Links to Other Episodes:

Episode 1: What is Accounting?
   • What is Accounting? Free Tutorial Vid...  

Episode 2: Mastering the Rules of Debits and Credits
   • Debits & Credits and Preparing Journa...  

Episode 3: Sole Proprietorship, Partnership, Corporation & Limited Liability Company (LLC)
   • Sole Proprietorship, Partnership, Cor...  

Episode 4: Interactive Journal Entry Exercises - Answer Along!
   • Journal Entry Preparation Exercises (...  

Episode 5: Posting and Making Trial Balance Tutorial Video
   • How to Post to General Ledger and Pre...  

Feel free to comment on what you think about the lesson. Enjoy!
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#Accruals #Deferrals #Accoutancy
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