May 14th, 2015
Studypool Tutor
Price: $10 USD

Tutor description


Word Count: 565
Showing Page: 1/4
Running head: WEEK THREE ASSIGNMENTSWeek Three AssignmentsYOUR NAMEACC/300DATENAME OF PROFESSORAssignments from the ReadingsPrepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libbya. Chapter 3: Questions 3 and 4b. Chapter 3: Mini-exercise M3-2Prepare responses to the following assignments from the e-text, Fundamentals Financial Accounting Concepts 5th ed., by Edmonds, Edmonds, McNair, and OldsChapter 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.

Review from student

Studypool Student
" 10/10 would recommend. Responsive and helpful. "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1827 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors