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Homework answers / question archive / Northeastern University ACCOUNTING 1201 Chapter 3 1)What are operating activities? 2

Northeastern University ACCOUNTING 1201 Chapter 3 1)What are operating activities? 2

Accounting

Northeastern University

ACCOUNTING 1201

Chapter 3

1)What are operating activities?

2.What are revenues and expenses? How are they journalized?

  1. How do revenues / expenses affect the accounting equation?

 

 

 

  1. What are typical revenue and expense accounts? What are the basic journal entries recorded for operating activities that affect these accounts / the income statement?

 

  1. How are operating activities distinguished from “peripheral” activities? Where do these activities go on a classified income statement?
  2. What is “accrual basis accounting,” and how is it different from “cash basis accounting”?
  3. What are the four criteria for revenue recognition? You should be able to apply these criteria to specific situations to determine whether revenue can be recognized.
  4. What is the matching principle? You should be able to apply this principle to specific situations to determine whether an expense should be recognized.

 

 

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