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ACC 2213 MGCCC Exam 2 Study Guide Paul Johnson with Complete Solutions
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ACC 2213 MGCCC Exam 2 Study Guide Paul Johnson with Complete Solutions Distinguish between adjusting and correcting entries - ANSWER-Adjusting entries are a planned part of the accounting process to update the accounts. Correcting entries are not planned but arise only when necessary to correc...

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  • November 12, 2024
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  • 2024/2025
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ACC 2213 MGCCC Exam 2 Study
Guide Paul Johnson with Complete
Solutions

Distinguish between adjusting and correcting entries - ANSWER✔✔-Adjusting entries

are a planned part of the accounting process to update the accounts. Correcting entries

are not planned but arise only when necessary to correct errors.


Identify the types of accounts affecting deferrals and accruals, including their

classification and normal balances. - ANSWER✔✔-Prepaid Expenses, Unearned

Revenues, Accrued Revenues, Accrued Expenses


Identify the accounting method required by GAAP - ANSWER✔✔-The accrual basis

accounting method.


Know the different accounting concepts covered in the text - ANSWER✔✔-Accounting

period concept- requires that revenues and expenses be reported in the proper period.




Revenue Recognition Concept- The accounting concept that supports reporting

revenues when the services are provided to customers.


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