ACC 280 UOP Class Notes

Apr 18th, 2015
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Week 3: Learning Team Assignment: Ch. 3 Textbook ExercisesResources: Ch. 3 of Financial AccountingPrepare written answers to the following assignments from Ch. 3 of Financial Accounting:o Exercise E3-2o Problem P3-2AScoreTotalTotal Homework Points: 121Home Work Points:4Earned#REF!%#REF!#REF!#REF!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 forumExercise E3-2 (A)Type your response in the text box bellow:The difference between accrual basis accounting and cash basis accounting isthat accrual based accounting follows the matching principle. The matchingprinciple in accounting is when you match up the expenses incurred with therevenue earned in the same time period, this matching process records theeconomic event in the correct time period regardless of when the actual cashtransaction takes place. Adjusting entries are necessary in an accrual basisaccounting system.You earnedof 10 total pointsExercise E3-2 (B)Type your response in the text box bellow:Politicians may prefer a cash basis accounting over accrual basis accountingbecause it would be easier to hide obligations (accounts payable) in a futurereporting period to make it appear that the politician is staying within budget.You earnedof 10 total points

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