In your owns words.

Explain the time period assumption 2. 1. Explain the accruals basis of accounting 3. Explain the reason for adjusting entries 4. List the majors types of adjusting entries 5. Explain adjusting entries for deferrals 6. Explain adjusting entries for accruals 7. Describe the nature and purpose of an adjusted trial balance 8. Explain the revenue recognition principle 9. Explain the expense recognition principle What are the different types of accounting period