Here's the latest article from the Accounting site at BellaOnline.com.
Preparing Adjusting and Closing Entries
Before financial statment are issued, some accounts have to be brought current through:
Recognition of expenses related to assets
Recognition of revenues related to liabilities
Recognition of expenses incurred but not yet paid
Recognition of revenues earned but not yet received.
http://www.bellaonline.com/articles/art50613.asp
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