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Many business transactions affect more than one time period.

The revenue recognition principle dictates that revenue be recognized in the accounting period in which cash is received.

Accounting time periods that are one year in length are referred to as interim periods.

An adjusting entry always involves two statements of financial position accounts.

Revenue received before services are performed and expenses paid before being used or consumed are both initially recorded as liabilities.

The Accumulated Depreciation account is a contra asset account that is reported on the statement of financial position.

Accrued revenues are revenues that have been recognized and received before financial statements have been prepared.

The going concern assumption is that the business will continue in operation long enough to carry out its existing objectives and commitments.

In general, adjusting entries are required each time financial statements are prepared.

An adjusted trial balance should be prepared before the adjusting entries are made.