The Lyric Opera of Chicago is one of the largest and best managed opera companies in the United States. Managing opera productions requires advance planning including the development of scenery, costumes and stage properties and the sale of tickets. To measure how well the company is operating in any given year, management must apply accrual accounting to these and other transactions. At year end, April 30,2009, Lyric Opera s balance sheet showed deffered production costs ad other assets of $1,794,804 and deffered tickets and other revenue of $13,102,512.9 be prepared to discuss what accounting policies and adjusting entries are applicable to these accounts . Why are they important to Lyric operas management