Acc 290 week 3 dq2 Samenvattingen, Aantekeningen en Examens

ACC 290 Week 3 DQ2 What are the four closing journal entries Why are they necessary?  What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?The four closing entries are revenue is closed to the income summary, expenses are closed to the income summary, the income summary is closed to retained earnings, and dividens are closed to retained earnings. The purpose of closing entries is to close the temporary account...

ACC 290 WEEK 3 DQ1and 2 What is the revenue recognition principle What is the expense recognition p_1 ACC 290 WEEK 3 DQ1and 2 What is the revenue recognition principle What is the expense recognition principle? In your opinion, why are these important to financial reporting?  DQ2  What are adjusting entries? Why are these necessary?  DQ1 The revenue recognition principle is made so the revenue a company earns is recorded in the same accounting period in which a product or service is sold...

ACC 290 Week 3 DQ2 What are the four closing journal entries Why are they necessary?  What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?The four closing entries are revenue is closed to the income summary, expenses are closed to the income summary, the income summary is closed to retained earnings, and dividens are closed to retained earnings. The purpose of closing entries is to close the temporary account...

ACC 290 Week 3 DQ2