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Accounting Basics (without debits and credits)

These lessons explore the basics of accounting without debits and credits.

Lesson 5: The Adjustment Process - Accrual Adjustments

  • Dr. Charlotte Houke
  • Oct 1, 2013
  • 1 min read

Updated: Apr 6, 2021

Description

Lesson five covers the second part of the adjustment process and teaches how to calculate accrual adjustments. Accrual adjustments are needed to record business transactions that have not been recorded on the books before closing the books. Deferral adjustments are required in accrual accounting and necessary to comply with GAAP.

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