Accrua - Study guides, Class notes & Summaries
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ACCRUAL ACCOUNTING CONCEPTS 2024 LATEST EDITION
- Exam (elaborations) • 103 pages • 2024
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1.	Explain the revenue recognition principle and the expense recognition principle. The revenue recognition principle dictates that companies recognize revenue in the accounting period in which it is earned. The expense recognition principle dictates that companies recog- nize expenses when expenses make their contribution to revenues. 
2.	Differentiate between the cash basis and the accrual basis of accounting. Under the cash basis, companies record events only in the periods in which the compa...
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C213 On May 1, 2011, a company using accrual accounting purchased equipment costing $500,0
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C213 On May 1, 2011, a company using accrual accounting purchased equipment costing $500,0 C213 On May 1, 2011, a company using accrual accounting purchased equipment costing $500,000. It expects the equipment to have a useful life of five years. At the time of purchase, the company also purchased a one-year insurance policy on this equipment, which cost $6,000. How much insurance expense should the company have recognized for the year ending in 2011? Insurance Expense Calculation When a com...
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ACCT-212 Week 3 Discussion: Reasons Why Accountants Use the Accrual Method
- Exam (elaborations) • 6 pages • 2023
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Let’s start the week by exploring accrual-basis accounting. Why do accountants use the accrual-basis method instead of the cash basis method of accounting? What are some of the benefits of using acc rual accounting? GAAP requires that accrual accounting be used. This basis for accounting involves some basic accounting principles—the revenue recognition principle and the matching principle. Explain why these principles require adjusting entries. A deferral involves putting off the recognition...
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ACCT-212 Week 3 Discussion: Reasons Why Accountants Use the Accrual Method
- Exam (elaborations) • 6 pages • 2023
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Let’s start the week by exploring accrual-basis accounting. Why do accountants use the accrual-basis method instead of the cash basis method of accounting? What are some of the benefits of using acc rual accounting? GAAP requires that accrual accounting be used. This basis for accounting involves some basic accounting principles—the revenue recognition principle and the matching principle. Explain why these principles require adjusting entries. A deferral involves putting off the recognition...
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ACCT-212 Week 3 Discussion Reasons Why Accountants Use the Accrual Method.
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ACCT-212 Week 3 Discussion Reasons Why Accountants Use the Accrual Method.
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ACCT-212 Week 3 Discussion: Reasons Why Accountants Use The Accrual Method
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ACCT-212 Week 3 Discussion: Reasons Why Accountants Use The Accrual Method Why do accountants use accrual accounting instead of the cash basis of accounting? The accrual basis of accounting furn ishes an enhanced representation of a company's profits during an accounting period. This is because revenues are reported on the income statement when they are earned, which frequently occurs before the cash is received from the customers. Also, expenses are reported on the income statement when they m...
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LAW OF SUCCESSION - LEARNING UNIT 5: Joint/Mutual Wills, Adiation/Repudiation/Election, Massing of Estates and Accrual, Succession by Contract; Interpretation and Rectification of Wills
- Summary • 41 pages • 2023
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A mutual Will usually includes massing of estates. This has a direct bearing of the distribution of the estate, more so where the survivor of the Will elects to either repudiate or adiate the benefit. The first theme in this learning unit examines the characteristics and legal consequences of joint wills and mutual wills , when massing comes into effect, the effects of adiation and repudiation on the distribution of the deceased’s estate and the effects of accrual where a beneficiary elects to...
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ACQ 101 Module 7 Financial Management Guaranteed Success
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ACQ 101 Module 7 Financial Management Guaranteed Success 
After the budget authority has passed its obligation period, it goes into the expired account for a period 
of 5 years and cannot be used for new obligations. ️True 
Anti-Deficiency Act ️Prohibits from involving the government in a contract or obligation for the 
payment of money before an appropriation is made unless authorized by law. Prohibits against over 
obligating or overspending an appropriation. 
Anti-deficiency Act Vio...
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ACCT-212 Week 3 Discussion: Reasons Why Accountants Use the Accrual Method
- Other • 4 pages • 2022
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Let’s start the week by exploring accrual-basis accounting. Why do accountants use the accrual-basis method instead of the cash basis method of accounting? What are some of the benefits of using acc rual accounting? GAAP requires that accrual accounting be used. This basis for accounting involves some basic accounting principles—the revenue recognition principle and the matching principle. Explain why these principles require adjusting entries. A deferral involves putting off the recognition...
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ACCT 212 Week 3 Accrual Accounting Discussion assignment 11820
- Exam (elaborations) • 4 pages • 2022
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Let's start the week by exploring accrual-basis accounting. Why do 
accountants use the accrual-basis method instead of the cash basis 
method of accounting? What are some of the benefits of using accrual 
accounting? 
While reading the text these questions were reviewed in detail. The 
Accrual Accounting method due to the following reason 
1. Delivers a more accurate representation actual profit compared to 
cash. 
2. Follows matching principle. Revenue + Expenses should be 
recognized in the ...
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