ACC 280 UOP Class Notes

Apr 18th, 2015
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Week 3: Individual Assignment: Ch. 3 Textbook ExercisesResources: Ch. 3 of Financial AccountingPrepare written answers to the following assignments from Ch. 3 of Financial Accounting:o Questions 2, 3, 4, & 8o Exercise E3-7o Exercise E3-8ScoreTotalTotal Homework Points:32Home Work Points:7Earned32%100.00%7.00100.00%FeedbackMy comments and feedback are highlighted yellowthroughout your assignment. Please review myfeedback and let me know if you have any additionalquestions.This is the score that will be posted to youre score that will be posted to your individual forumCh 3 Question 2Type your response in the text box bellow:Two generally accepted accounting principles that relate to adjusting accounts are therevenue recognition principle and the matching principle. The recognition principlestates that revenue shounld be recognized in the accounting period in which they wereearned. The matching principle matches "expenses with revenues in the period when thecompany makes efforts to generate those revenues"You earned2of2total pointsCh 3 Question 3Type your response in the text box bellow:We need to first determine if Rick Marsh's Law Firm is using the accural-basis or cash-basis accounting. In accuralincome and expenses are recorded when the services are given or received (no matter if they are paid or not). In cashaccounting, revenues and expenses are recorded when cash is actually received or spent. Therefore

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