Chapter 4
Income Measurement and Accrual Accounting
After studying this chapter, students should be able to:
Explain the significance of recognition and measurement in the preparation and use of financial statements (Module 1–LO1).
Explain the differences between the cash and accrual bases of accounting (Module 1–LO2).
Describe the revenue recognition principle and explain its application in varioussituations (Module 1–LO3).
Describe the matching principle and the various methods for recognizing expenses(Module 1–LO4).
Identify the four major types of adjusting entries and prepare them for a variety ofsituations (Module 2–LO5).
Explain the steps in the accounting cycle and the significance of each step (Module 3–LO6).
Explain why and how closing entries are made at the end of an accounting period(Module 3–LO7).
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