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FAR 3: OTHER ITEMS Accounting Process Presentation of FS Events after Reporting Period Related Parties Changes in Accounting Policies Changes in Accounting Estimates NCA Held for Sale Discontinued Operations Operating Segments Interim Reporting Cash to Accrual Basis Error Correction GATO, Abdul Barri Indol MSU - Main Campus 09452146094 ACCOUNTING PROCESS 1) Analyze source documents 2) Journalize 3) Posting to ledger 4) Unadjusted Trial Balance Depreciation Accruals 5) Adjusting Entries Deferrals 6) Prepare FS Nominal Accounts 7) Closing Entries Income 8) Post-closing Trial Balance Expenses 9) Reversing Entries (Optional) Accruals Deferrals Expense method Income method EVENTS AFTER REPORTING PERIOD ADJUSTING EVENTS Condition already existed @ end of reporting period Requires adjustment - bankruptcy of customer - wrong capitalization of expenses NON-ADJUSTING EVENTS ⑥ ⑥ ⑥ ? ...
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