ACC 300 Week 3 Individual Assignment - Textbook Assignment

Feb 3rd, 2012
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ACC 300 Week 3 Individual Assignment - Textbook Assignment

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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.

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