Jun 2nd, 2015
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Week 3 ExercisesFA, Chap3 Question 2: State two generally accepted accounting relate to adjusting the accounts.Two generally accepted accounting principles that relate to adjusting the accounts are revenue recognition principle and the matching principle.FA, Chap3 Question 3: Rick Marsh, a lawyer, accepts a legal engagement in March,performs the work in April, and is paid in May. If Marsh's law firm prepares monthly financial statements, when should it recognize revenue from this engagement? Why?The lawyer should recognize the revenue in April. But according to the revenue recognition principle, Marsh's firm should have recognized the revenue when the service was performed, not when the firm was paid.FA, Chap3 Question 4: Why do accrual-basis financial statements provides moreuseful information than cash-basis statements?The accrual basis provides more info because it ma

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