ACC 300 Week 2 DQ 1

May 1st, 2015
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ACC 300 Week 2 DQ 1

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What are the different bases of accounting? When would you use the cash basis? Accrual basis? Tax basis? Which one is better? Why? Under cash basis accounting, both sales and expenses are recorded only when cash is in fact received or expensed. This method is straightforward and does not involve adjustments. For instance, if a purchase is made last year using credit and it is actually paid for this year, the expenses would be recorded for this year - not last year. Accrual basis of accounting is utilized when transactions are recorded in regard to the amounts having become due for payment

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