DQ#1
What is the revenue recognition principle? What is the expense recognition principle? Why are these important to financial reporting?
DQ# 2
What are adjusting entries? Why are these necessary?
DQ# 3
What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?
NOTE*** These questions do not need to be in APA Format – YOU DO not need to provide references! and there is no specific word count.
