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Week Three Assignments 1
Running head: WEEK THREE ASSIGNMENTS
Week Three Assignments
YOUR NAME
ACC/300
DATE
NAME OF PROFESSOR

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Week Three Assignments 2
Assignments from the Readings
Prepare responses to the following assignments from the e-text, Fundamentals of Financial
Accounting 1
st
ed., by Phillips, Libby, and Libby
a. Chapter 3: Questions 3 and 4
b. Chapter 3: Mini-exercise M3-2
Prepare responses to the following assignments from the e-text, Fundamentals Financial
Accounting Concepts 5
th
ed., by Edmonds, Edmonds, McNair, and Olds
Chapter 1: Problem 1-30A (Part A only)
3. Define accrual accounting and contrast it with cash basis accounting.
Within accrual accounting, revenues are basically recognized in instances in which
income is actually earned, and expenses are recorded when they are incurred. However, within
cash basis accounting, both the revenue and expenses are recorded only when cash is received
and paid. Basically, the difference between the two is that when utilizing cash basis accounting,
recording is only completed when cash is handed over. This certainly plays a factor in situations
in which cash is collected although the product(s) have already been delivered. Within accrual
accounting, if certain conditions are fulfilled, a sale will be recorded in situations in which the
cash has not yet been paid. Additionally, expense is recorded at the time in which the service is
rendered. For instance, salary expense will be recorded at the end of a pay period even if the cash
has not yet been paid in accrual accounting. Conversely, in cash basis accounting, the salary
expense will be recorded when it has actually been paid.
4. What four conditions must normally be met for revenue to be recognized under accrual
basis accounting?
1. Persuasive evidence of an order arrangement exists
2. Delivery of the ordered goods has occurred or services have been rendered
3. The seller's price to the buyer is fixed or determinable
4. Collectability of the sale proceeds is reasonably assured

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Running head: WEEK THREE – ASSIGNMENTS Week Three – Assignments YOUR NAME ACC/300 DATE NAME OF PROFESSOR Assignments from the Readings Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby a. Chapter 3: Questions 3 and 4 b. Chapter 3: Mini-exercise M3-2 Prepare responses to the following assignments from the e-text, Fundamentals Financial Accounting Concepts 5th ed., by Edmonds, Edmonds, McNair, and Olds Chapter 1: Problem 1-30A (Part A only) 3. Define accrual accounting and contrast it with cash basis accounting. Within accrual accounting, revenues are basically recognized in instances in which income is actually earned, and expenses are recorded when they are incurred. However, within cash basis accounting, both the revenue and expenses are recorded only when cash is received and paid. Basically, the difference between the two is that when utilizing cash basis accounting, recording is only completed when cash is handed over. This certainly plays a factor in situations in which cash is collected although the product(s) have already been delivered. ...
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