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ACC 231- Chapter 3 – Class Notes

by: Sophia Mattera

ACC 231- Chapter 3 – Class Notes ACC231

Marketplace > Arizona State University > Accounting > ACC231 > ACC 231 Chapter 3 Class Notes
Sophia Mattera

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About this Document

This notes set contains invaluable information for the upcoming exam. It covers Accruals and Deferrals, the matching principle, and how to calculate depreciation.
Uses of Accounting Info I
Eric Rosano
Class Notes
Deferrals, accruals, Accounting, chapter 3, notes, Depreciation, depreciation calculation, exam
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This 2 page Class Notes was uploaded by Sophia Mattera on Tuesday February 9, 2016. The Class Notes belongs to ACC231 at Arizona State University taught by Eric Rosano in Spring 2016. Since its upload, it has received 30 views. For similar materials see Uses of Accounting Info I in Accounting at Arizona State University.


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Date Created: 02/09/16
ACC 231- Chapter 3 – Class Notes  Fiscal Year o A year long period, but not necessarily starting on the first of a month or a year  Accrual Accounting o Revenues when earned o Expenses when incurred  Revenue Recognition Principle o “…regardless of when cash is received it is recorded”  Matching Principle o “…with the revenues they helped generate” o Match them with the time o We record the expenses to match the revenues, they help generate in the same period Before or After  Accruals o An event happening before the cash is received  Deferred o Cash is received/paid before we earn it/ spend it  Adjusting Entries: Fixes o Record unrecorded revenues (accrued) o Record unrecorded expenses (accrued) o Divide unrecorded revenues (deferred) o Divide unearned expenses (deferred)  Unearned service revenue is a liability o Because the company got paid, and now work is owed  Deferred Rent Expense o Recorded at the end of the period, recorded in adjustments Depreciation Expense Calculation  Straight Line Depreciation o Cost of asset o Useful life (UL) o Salvage Value (SV)  Formula for depreciation expense (per year): o DeprExp = (Cost – SV)/ UL


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