Accounting Real Life Tasks - 5 Accounting Adjustments From Easy to Insane 😵‍💫

Join 10,000+ professionals who enrolled in the Controller Academy 🚀 https://controller-academy.com/courses/controller-academy [coupon 30OFFCOURSE for 30% discount] Download the file used in the video: https://thefincontroller.com/p/accounting-adjustments-easy-to-hard PwC's guide on Revenue from contracts with customers: https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/revenue_from_contrac/assets/pwcrevenueguide0324.pdf Chapters: 00:00 Agenda 00:53 #1 Late Invoice for Inventory 02:44 #2 AR Write-off 05:09 #3 Deferred Rent 07:53 #4 Sales Commission (Incremental Cost) 11:46 #5 Buyout of Legacy Vendor Contract What we cover in this video: Accounting Adjustments are made at each month end to ensure compliance with US GAAP or IFRS, depending on the Accounting framework your company chooses to use In this video, I will walk you through 5 examples of these accounting adjustments. We will go from an easy example such as a Late invoice on inventory purchase all the way to a very difficult example related to costs to acquire a new customer contract We will look at both the Wrong Accounting treatment as well as the correct way to record each transaction ----------------------------------- Hang Out with me on social media: 📸 https://www.instagram.com/the_financial_controller/ 📱https://www.tiktok.com/@thefinancialcontroller https://www.linkedin.com/in/bill-hanna-cpa-7653a851/ DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week! All views expressed on my channel are mine alone. Not intended as financial or professional advice