ACC-2001

Franklin, M. et al. (2019). Principles of Accounting, Volume 1: Financial Accounting . OpenStax.
Read the fourth chapter “The Adjustment Process” (pg. 211 to 261). Coverage of the accounting cycle continues with an illustration of the adjusting process. The need for adjusting entries is explained and illustrated. The accrual basis of accounting is defined. The types of adjusting entries are described: Deferrals and Accruals. Preparation of the adjusted trial balance is illustrated and linked to the production of the final financial statements. Students should focus on the purpose and type of adjusting entries.

Tracy, J. A., & Tracy, T. C. (2014). How to read a financial report : wringing vital signs out of the numbers (Eighth edition.). Wiley.
Read Chapter 8, 9, 10 from Part Two:Connections from pages 61-81. This reading explains the fundamentals of operating expenses, accounts payable, prepaid expenses, depreciation, intangible assets.