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Accounting Comic Strip

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Accounting Comic Strip
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Montāžas Teksta

  • Introduction
  • Hey. Can I ask you some questions?
  • Sure. Ask Away
  • Questions
  • So I've just applied for my new job at the accounting firm across the street, but they want me to do "Accruals" and "Deferrals."
  • I don't know what they were talking about! I knew you had some experience, mind telling me about them?
  • Ah, I see. Those terms can be a bit confusing when you start with them. Sure, I can give a few tips.
  • Accrued Expense/Accrued Revenue
  • That's great!. So, what are these "Accrued" accounts?
  • These are represented as Accounts Payable and Accounts Recievable. We have the amounts available, but we haven't paid or recieved cash yet.
  • Well, think of the "A" in accrued as "Aquired:" We get them before the cash flows.
  • Prepaid Expense/Unearned Revenue
  • Okay. But What about those "Deferred" accounts?
  • Think of the "D" in deferred as "Dollars" We pay them off before getting them.
  • These are those Prepaid Expenses and Unearned Revenues. They are assets and liabilities, respectively, until they are used or aquired.
  • Reversing Entries
  • Interesting. One more thing, I overheard about them doing "reversing entires." are those like closing entries?
  • Yeah. Pretty Much. Reversers are for when we pay or earn accrued accounts or use deferred accounts. It's then when cash flows.
  • Conclusion
  • Ah, OK. Thanks for those tips, that will be very helpful!
  • Anytime. If you need any more help, you know where to find me.
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