As we get ready for the final exam, please post the following:
a. one concept that you are confident about
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b. Explain the concept to the class, as if you are teaching us for the first time
c. you must pick a concept that has not been posted about in this thread above your reply
An example if this could be the matching principle:
1. one of the GAAP
2. We must match revenues earned with the expenses that helped to earn said revenues. Recognizing both in the same accounting period.
3. We use adjusting entries to match revenues with expenses in the example of prepaid liabilities
just 50words is fine.