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Financial Accounting - Lecture 2

Lecture 2 - Principles of Accrual Accounting

Objectives:
1. Understand how accrual accounting differs from a cash basis.
2. Develop a mental model for classifying types of accounting accruals.
3. Understand how accruals affect the financial statement.
4. Become familiar with the basic bookkeeping model that illustrates how record keeping impacts the financials.
5. Understand the accounting cycle:

a. recording events during the accounting period,
b. end-of-period adjustments,
c. closing entries,
d. financial statement preparation.

Prof. Richard Frankel, Prof. George Plesko, Prof. Kin Lo
15.515 Financial Accounting, Fall 2003
(Massachusetts Institute of Technology: MIT OpenCourseWare)
http://ocw.mit.edu
Date accessed: 2009-04-30
License: Creative Commons BY-NC-SA

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