Professor Guerrero's Blog

mguerrero@gmail.com

Co-author of East of Tiffany's, 13 short stories of a Latino immigrant's success in USA; a journey from West Harlem to Sutton Place and Park Avenue. Check out the reviews in Amazon.com and in Barnes and Noble.

on KINDLE on NOOK

My best seller as of now is

Titanes de la Filosofia

Professor Guerrero's Blog: Chapter 3 Adjusting the Accounts Professor Guerrero's Blog: Book Reviews, Human Interest Articles, Accounting Lessons, and Writing Techniques

Book Reviews  

Books

Sentence Openers Book: FREE Lessons

Jane Austen  

Boethius: Consolation of Philosophy

How to Become a Writer  

Personal Finance  

Self Help, Wealth, & Learning

Greeks Romans Trojans  

Feminism  

Great Gatsby: Is Nick Gay?

All my books are now in NOOK

Ideas About the Novel is a prophetic book that all writers must own.

Ideas About the Novel by Ortega y Gasset - my translation $0.99


Next to Cervantes, Benito Perez Galdos is the most beloved Spanish writer of all times.

Torquemada at the Stake by Perez Galdos- my translation $0.99

Lazarillo of Tormes - my translation $0.99
Read it in contemporary English -- No Thous, Thees, or King James' Bible language. Transliterated into easy language for enjoyable reading pleasure. Because The Lazarillo of Tormes pointed a new direction, European and American literature benefited with titles that today are considered classics: Cervantes’ Rinconete and Cortadillo; Daniel Defoe’s Moll Flanders, Henry Fielding’s Tom Jones and Joseph Andrews; Tobias Smollett’s Roderick Random, and Peregrine Pickle; Voltaire’s Candide; Charles Dickens’ David Copperfield. And many others to include American works ranging from Mark Twain to Saul Bellow.

Dehumanization of Art by Ortega y Gasset - my translation $0.99
The Dehumanization of Art— is now a constant in music, literature, aesthetics, and philosophy, having come to mean that in post-modern times human-shaped mimesis (representation of the human) is irrelevant to art. According to Ortega, the arts don't have to tell a human story; art should deal with its own forms—and not with the human form.

Sentence Openers
How writers open their sentences makes prose agile, interesting, and athletic. This e-book teaches how to break the pattern Subject-verb-object--and discard openings that begin with nouns, articles, and pronouns.

East of Tiffany's - bestseller $5
With the city as its backdrop "East of Tiffany's" is filled with earnest tales of love, loss, faith, success and morality. While business terminology is interwoven throughout these short stories, it's not business lessons that I take away with me, but life lessons. The circumstances and the characters' profound humanity are relatable despite their zip code . "Luke, Postmodern Man" offers a new vista into faith, suffering, and love of neighbor. Way after you read this book you'll find yourself thinking about the various characters throughout the series of stories and will find solace in their unwavering faith. The narrators' ability to reflect on their hardships with such serenity is inspiring.



My writing was as flat as a sidewalk. And then I downloaded ...

Mary Duffy's Toolbox for Writers
After I purchased Mary's e-book I started to get 'A's in my essays and term papers! Every page is filled with great writing tips, training lessons, and wonderful useful writing skills! Not only do I write essays for college, but also short stories!
--IVONNIE Indrawan
College student
Sentence Openers on KINDLE

Sentence Openers on NOOK













All my books are now in KINDLE


Ideas About the Novel by Ortega y Gasset - my translation $0.99
Torquemada at the Stake by Perez Galdos- my translation $0.99
Lazarillo of Tormes - my translation $0.99
Dehumanization of Art by Ortega y Gasset - my translation $0.99
Sentence Openers
East of Tiffany's - bestseller $5


The most beloved short story from Spanish literature
All my books are in NOOK $0.99 or in Amazon KINDLE $0.99








All my books are now in NOOK

Ideas About the Novel is a prophetic book that all writers must own.
Ideas About the Novel by Ortega y Gasset - my translation $0.99

Next to Cervantes, Benito Perez Galdos is the most beloved Spanish writer of all times.

Torquemada at the Stake by Perez Galdos- my translation $0.99

Lazarillo of Tormes - my translation $0.99
Read it in contemporary English -- No Thous, Thees, or King James' Bible language.

Dehumanization of Art by Ortega y Gasset - my translation $0.99
The Dehumanization of Art— is now a constant in music, literature, aesthetics, and philosophy, having come to mean that in post-modern times human-shaped mimesis (representation of the human) is irrelevant to art.

Sentence Openers
How writers open their sentences makes prose agile, interesting, and athletic.

East of Tiffany's - bestseller $5
With the city as its backdrop "East of Tiffany's" is filled with earnest tales of love, loss, faith, success and morality.



My writing was as flat as a sidewalk. And then I downloaded ...

Mary Duffy's Toolbox for Writers
After I purchased Mary's e-book I started to get 'A's in my essays and term papers!
--Ivonnie Indrawan
College student
Sentence Openers on KINDLE

Sentence Openers on NOOK





Available in KINDLE $0.99


Available in KINDLE $0.99

Wednesday, August 21, 2013

Chapter 3 Adjusting the Accounts

Historical financial statementImage via Wikipedia

What is the Accounting Period concept?
The Accounting Period concept says that accountants assume that the economic life of a business may be divided into time periods that are more convenient than the calendar year.

What is the Accrual Basis?
A system in which revenues are recorded when they ere earned, and expenses when they are incurred, not just when cash is received or paid out.

What is the Matching Principle?
The Matching Principle is the accounting principle that supports reporting revenues and related expenses in the same accounting period.

What are the Four Major categories of Adjusting Entries?
(1) Deferred expenses or prepaid expenses (2) Deferred revenues or unearned revenues (3) Accrued expenses or accrued liabilities (4) Accrued revenues or accrued assets.

What is Depreciation?
Depreciation is the allocation of the cost of a long-lived asset to expense over its useful life in a rational and systematic manner.

How do we find Book Value?
We find book value by subtracting the accumulated depreciation from the cost of an asset.

What are other names for Book Value?
Book value is also called Carrying Value and Unexpired Cost.

What is a Contra Account?
A Contra-Account is an account that is matched or paired to a related account and subtracted from it. Therefore, its normal balance is the opposite of the related account.

When you accrue a Revenue what do you need?
When we accrue a revenue (by crediting the revenue account) we need a receivable as a debit.

What you accrue an Expense what do you need?
When we accrue an expense (by debiting the expense account) we need a payable as a credit.

What is an Adjusted Trial Balance?

A trial balance prepared to verify the equality of the total debit and credit balances before we prepare the financial statements.

What are Unearned Revenues?
Unearned revenues are liabilities that are expected to become revenues over time or through the normal operations of the business.

What are Adjusting Entries?

Adjusting entries are journal entries that bring the accounts up to date at the end of the accounting period. The General rule for adjusting entries is: All adjusting entries affect at least one income statement account and one balance sheet account.

What are Prepaid Expenses?
Prepaid expenses are accounts that have been initially recorded as assets but are expected to become expenses over time or though the normal operations of the business. Examples: supplies, prepaid insurance, and building.

What are Accrued Expenses?

Accrued expenses are expenses that have been committed or incurred (not yet paid) but not yet recorded in the accounts.

What are Accrued Revenues?
Accrued revenues are revenues that have been earned but have not been recorded in the accounts.

What is PP&E?
PP&E stands for Property, Plant, and Equipment. Other names used are: Long-lived assets, Fixed assets, or simply Plant Assets.


What are the three Principles and three Assumptions we have studied so far?

What the Titles of the three chapters we have studied so far?

Ch1 Accounting in Action

Ch2 Recording Process

Ch3 Adjusting the Accounts

Ch4 Completing the Accounting Cycle

Ch5 Merchandising Operations

Ch6 Inventories

Ch7 Accounting Information Systems

Ch8 Internal Control and Cash

Ch9 Accounting for Receivables

Ch10 PP&E, Natural Resources, and Intangible Assets

Ch11 Current Liabilities and Payroll


Ch12 Partnerships

Ch13 Corporations

Ch14 Corporations:Dividends, RE

Ch15 Long Term Liabilities

Ch16 Investment

Ch17 Statement of Cash Flows

Ch18 Financial Statement Analysis

Plato and Accounting

Price/Earnings Ratio

Plant Assets

Luca Pacioli and DaVinci




The secrets of 'no-doze' prose:
Mary Duffy's Sentence Openers



Lindsey Vonn after winning the Downhill World ...
Image via Wikipedia

Lindsey Vonn

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Comments on "Chapter 3 Adjusting the Accounts"

 

Blogger videsh1 said ... (March 22, 2009 at 8:58 AM) : 

professor this is great it makes it easier for students to understand the topic .

 

Blogger Betty said ... (March 25, 2009 at 10:49 PM) : 

Professor... thanks for making the class as understandable as possible... these questions really do help...

- Betty Aracena

 

Anonymous marilin said ... (October 19, 2009 at 10:33 AM) : 

Many students told me the Accounting class is very bored. Thanks professor for trying to make the class enjoyable and dynamic

 

Anonymous Penka Ivanova said ... (January 19, 2010 at 8:09 AM) : 

Very helpful professor, Thanks.

 

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Professor Guerrero's Blog

Co-author of East of Tiffany's, 13 short stories that will warm your heart - See 101 reviews in Amazon.com and 37 in Barnes and Noble.

on KINDLE on NOOK

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