Question

In: Accounting

Please, I need a correct answer and clear explanation. Thanks! What are the advantages and disadvantages...

Please, I need a correct answer and clear explanation. Thanks!

What are the advantages and disadvantages of using the accrual basis of accounting rather than the cash basis?

Solutions

Expert Solution


Related Solutions

Please, I need a correct answer and clear explanation. Thanks, Explain how a prepaid expense differs...
Please, I need a correct answer and clear explanation. Thanks, Explain how a prepaid expense differs from an accrued expense.
Please, I need a correct answer and clear explanation. Thank you, Part I – Explanation Q1...
Please, I need a correct answer and clear explanation. Thank you, Part I – Explanation Q1 Below are pairs of changes that affect elements of the accounting equation. Give an example of a transaction or economic event that reflects each: a. Asset increases, asset decreases b. Asset increases, liability increases c. Asset increases, shareholders’ equity increases d. Asset increases, revenue increases e. Liability decreases, asset decreases f. Asset decreases, expense increases g. Liability decreases, revenue increases h. Asset decreases, shareholders’...
Please, I need correct answers and clear explanation. Thanks, Indicate whether each of the following statements...
Please, I need correct answers and clear explanation. Thanks, Indicate whether each of the following statements is true or false: a. Under the accrual basis of accounting, when cash is collected on accounts receivable, revenue is recorded. b. Cash receipts from customers are debited to Accounts Receivable. c. The cash basis of accounting recognizes expenses when they are incurred. d. Under the cash basis of accounting, there is no such thing as a Prepaid Expenses account. e. Asset accounts and...
Please, I need a correct answer and clear explanation. Thank you, (Determine expenses) The following are...
Please, I need a correct answer and clear explanation. Thank you, (Determine expenses) The following are activities in a three-month period for Basiliadis Company: 1.A new lease for the business premises goes into effect on October 1 and increases the rent from $1,000 to $1,150 per month. The rent for the next month is always prepaid on the last day of the current month. Accordingly, rent of $1,000 was paid on August 31, and $1,150 was paid on September 30...
Please, I need a correct answer and clear explanation. Thank you, The Retained Earnings account has...
Please, I need a correct answer and clear explanation. Thank you, The Retained Earnings account has a credit balance and credit entries are used to record increases in this account. Why do expense accounts, which are transferred to Retained Earnings when they are closed, have debit balances? Why are debit entries used to record increases in these accounts?
I need clear explanation on how we got that answers. Thanks. 1. What is the decimal...
I need clear explanation on how we got that answers. Thanks. 1. What is the decimal value for the 8 bit 2's complement number 0x36 arithmetic shift right by 3. --> Ans is 6 2. What is the decimal value for the 8 bit 2's complement number 0x36 rotated left by 3 --> Ans is -79
Please I need a clear explanation and clear handwriting with explanaing this for me because I...
Please I need a clear explanation and clear handwriting with explanaing this for me because I am realy confused and need help. Thanks in advance My lab was about  Magnets and Magnetic fields. This is the question I need to answer for! R3: Explain how a speaker works by explaining why each part is required. after that Summarize R3’s answer by explaining why the proffesor homemade earbud is so much superior to the one that you made.
Please, read the question carefully. I need correct answers and clear explanation. Thank you! On Sept...
Please, read the question carefully. I need correct answers and clear explanation. Thank you! On Sept 15, 2017, Julia Inc entered into a contract to provide 12 new deep fryers to a Montreal Poutinerie. Julia normally charges $1,500 for each deep fryer. As part of the agreement, Julia will provide on-site training at the Poutinerie’s 3 locations. Julia will host 3 separate training sessions at each location. For this training, Julia normally charges $700 / day. The Poutinerie needed Julia’s...
Please, I need correct answers and clear explanation. You have been provided with the following information...
Please, I need correct answers and clear explanation. You have been provided with the following information about Bibi’s inventory for January 2018. Bibi uses a period inventory system to sell her customized Swell water bottles. While the water bottles come in different colours, she only sells one size so all her units are homogenous. Number of units Cost per unit Total cost Price per unit sold Total revenue January 1–Beginning inventory 1,250 $25.00 $31,250 January 6–Purchase 750 $24.00 $18,000 January...
Please answer all with clear explanation, Thanks. Question 6.In addition to giving information, according to the...
Please answer all with clear explanation, Thanks. Question 6.In addition to giving information, according to the principles of teaching and learning, allnurses should be prepared to (Points : 5) 1. assess learning needs, readiness, and styles. 2. determine whether the information has been received and understood. 3. revise the approach to teaching if the client does not comprehend the information. 4. All of the above Question 8.Which are two ways to decrease a behavior or response? (Points : 5) 1.Avoidance...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT