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Northeastern University ACCOUNTING 1201 Chapter 4 1)What are adjusting journal entries conceptually? When are they recorded? What are typical accounts that they affect / do not affect? 2

Accounting

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Northeastern University

ACCOUNTING 1201

Chapter 4

1)What are adjusting journal entries conceptually? When are they recorded? What are typical accounts that they affect / do not affect?

2.What is the difference between accruals vs. deferrals?

2. What is the process of determining whether an adjusting entry is required and recording

the inception entry, adjusting entry, and concluding entry for the transactions we discussed in class?

3. What are closing entries? Which accounts do they affect?
4. How do we calculate earnings per share?
5. How do we calculate the total asset turnover ratio, and what does it tell us about a company?