Accounting

Accounting

Storyboard Text

  • Geez, prepaid expenses sure make life easier since I know I've already payed them.
  • In fact, recording expenses and revenue in advance is just generally easier.
  • Notes for Presentation: Accrued Revenue and Expenses are recorded in advance of when they actually occur.
  • Wow, I'm so nervous for this business presentation.
  • Impressive!
  • When we begin a new accounting period, we need to use reversing entries to offset accrued entries from the previous period
  • And that's how accrual accounting works!
  • Wow!
  • I just realized that our business needs to keep careful records of unearned or deferred revenue so we don't fall behind on the work we owe people!
  • How was work honey?
  • Great, thanks!
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