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Home PDU for the PMP® (55 Courses) / Technical

Why must financial information be adjusted?

USD 5.00
instructor
Instructor
Alan Fata
Category
Technical
Difficulty
Easy
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Course Highlight Curriculum Course Content Take The Test
Learning Objectives:
  1. Explain the purpose and necessity of adjusting entries.
  2. List examples of several typical accounts that require adjusting entries.
  3. Define an “accrued expense.”
  4. Provide examples of adjusting entries for various accrued expenses.
  5. Describe the reason that accrued expenses often require adjusting entries but not in every situation.
  6. Explain the need for an adjusting entry in the reporting of prepaid expenses and be able to prepare that adjustment.
  7. Explain the need for an adjusting entry in the reporting of accrued revenue and be able to prepare that adjustment.
  8. Describe the difficulty of determining when the earning process for revenue is substantially complete and discuss possible resolutions.
  9. Explain the need for an adjusting entry in the reporting of unearned revenue and be able to prepare that adjustment.
  10. Prepare an income statement, statement of retained earnings, and balance sheet based on the balances in an adjusted trial balance.
  11. Explain the purpose and construction of closing entries.
Other course details:
  1. This is an introductory course that does not require any prerequisite.
  2. This course can be taken on a standalone basis.
  3. This course is chapter 5 in the book titled "Financial Accounting".
  4. It provides 1 PDU (Technical skill) towards your PMP professional development education.
Course Features
Credit:
1 PDU
Skill Section:
Technical
Access:
Lifetime
Test Questions:
10
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