Accounting Revenue Recognition Principal Explained
Revenue Recognition Principal is when revenues are recorded in the period which the goods and services are provided to customers, but is not practical for all accounting records. These notes cover terms for navigating journal keeping when the money entering and leaving the account is in a wipply whopply ball of timey whimey stuff. Mess with terms like \"Deferred Revenues\".
Notes on Accounting Equation and Principals, including explanations on Revenues, Expenses, and Dividends. Full example of Income Statement, Statement of Owners Equity, and Balance Sheet, with side notes on what to remember when writing these. Will update with more class notes every week.