ACC 281 Week 4 Learning Team E3-2,P14-5A,P14-6A

ACC 281 Week 4 Learning Team E3-2,P14-5A,P14-6A
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Visit our Site for More Tutorials: ( http://homeworklance.com/ )EXERCISE 3-2

(a) Accrual-basis accounting records the transactions that change a company’s financial statements in the periods in which the events occur rather than in the periods in which the company receives or pays cash. Information presented on an accrual basis is useful because it reveals relationships that are likely to be important in predicting future results. Conversely, under cash-basis accounting, revenue is recorded only when cash is received, and an expense is recognized only when cash is paid. As a result, the cash basis of accounting often leads to misleading financial statements.
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Visit our Site for More Tutorials: ( http://homeworklance.com/ )EXERCISE 3-2

(a) Accrual-basis accounting records the transactions that change a company’s financial statements in the periods in which the events occur rather than in the periods in which the company receives or pays cash. Information presented on an accrual basis is useful because it reveals relationships that are likely to be important in predicting future results. Conversely, under cash-basis accounting, revenue is recorded only when cash is received, and an expense is recognized only when cash is paid. As a result, the cash basis of accounting often leads to misleading financial statements.
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