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1、c03AdjustingtheAccounts.inddPage1008/5/1110:24AMuser-F409/Users/user-F409/DesktopChapter3AdjustingtheAccountsFeatureStoryWhatWasYouranadforitswebsiteoncompanyA’swebsite.Nomoneychangedhands,Pro?t?buteachcompanyrecordedrevenueTheaccuracyofthe?nancialreporting(fortheva
2、lueofthespacethatitgavesystemdependsonanswerstoafewtheothercompanyonitssite).Thisfundamentalquestions:Atwhatpointpracticedidlittletoboostnetincome,hasrevenuebeenrecognized?Atwhatanditresultedinnoadditionalcashpointistheearningsprocesscomplete??ow—butitdidboostreport
3、edWhenhaveexpensesreallybeenrevenue.Regulatorseventuallyputanincurred?endtothismisleadingpractice.Duringthe1990s,thestockpricesofAnothertypeoftransgressionresultsdot-comcompaniesboomed.Mostfromcompaniesrecordingrevenuesordot-comsearnedmostoftheirrevenueexpensesinthe
4、wrongyear.Infact,fromsellingadvertisingspaceontheirshiftingrevenuesandexpensesisonewebsites.Toboostreportedrevenue,ofthemostcommonabusesofsomedot-comsbeganswapping?nancialaccounting.Xeroxadmittedwebsiteadspace.CompanyAwouldreportingbillionsofdollarsofleaseputanadfor
5、itswebsiteoncompanyrevenueinperiodsearlierthanitB’swebsite,andcompanyBwouldputshouldhavebeenreported.And?TheNavigatorLearningObjectivesScanLearningObjectivesAfterstudyingthischapter,youshouldbeableto:ReadFeatureStory1Explainthetimeperiodassumption.ReadPreview2Explai
6、ntheaccrualbasisofaccounting.ReadtextandanswerDOIT!p.1043Explainthereasonsforadjustingentries.p.112p.118p.1234Identifythemajortypesofadjustingentries.WorkComprehensiveDOIT!p.1245Prepareadjustingentriesfordeferrals.ReviewSummaryofLearningObjectives6Prepareadjustingen
7、triesforaccruals.7DescribethenatureandpurposeofanadjustedAnswerSelf-TestQuestionstrialbalance.CompleteAssignments?TheNavigatorGotoWileyPLUSforpracticeandtutorialsReadALookatIFRSp.159100c03AdjustingtheAccounts.inddPage10129/07/117:44PMuser-F391/Users/user-F391/Deskto
8、pWorldComstunnedthe?nancialmarketswithitsadmissiontheydidnottrustthemanagementofpubliclytradedthatithadboostednetincomebybillionsofdollars
