The Accrual basis of accounting is far superior to the Cash basis of accounting. Discuss. The difference between accrual and cash basis of accounting is cash basis accounting recognizes revenues and expenses depends upon on timing. Cash basis accounting is simple‚ recognizes revenues when cash is received and recognizes expenses when cash is paid out only. It does not record accounts payable or receivable. For example‚ paid a service invoice on Feb‚ the expenses will be recognized as expenses on
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eye but bearable none the less. You can pretty much find everything you need in your daily life and more at this store. Quality of products is below average and prices reflect the same. You can get a money order‚ send money to a loved one‚ or you can cash your check.
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1. Which of the following entities may not use the cash method of accounting? Answer: A C corporation that is substantially owned by its employees and whose business is selling goods with annual gross receipts in excess of $5 million for all tax years since its inception. Explain your answer! The corporation in this question could not apply the cash method due to the fact they have in excess of $5 million average in gross receipts annually. The exception to this would be if it was a personal service
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Management 1. What is Cash Connection’s strategy? Which of the five generic competitive strategies discussed in Chapter 5 most closely fits the competitive approach that Cash Connection is taking? Cash Connection’s strategy is differentiating itself from other competitors to gain the largest share of the lending industry‚ while still meeting customer’s needs and following government regulations and restrictions. Cash Connection is taking to broad differentiation strategy. Allen Franks‚ Cash Connection’s
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1. Young‚ white musicians in America and England in the early 1960s both used blues as a musical template for exploring personal identity. In which ways did the American blues revival differ from the England blues revival? As the new age of rock music swept through the 1960’s‚ a new revival of blues was the cornerstone to both American and English bands. Both sides of the spectrum pursued the same goal but they seemed to have drastic differences. During the American Blues Revival it was set upon
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To: From: Subject: Financial needs Polar For Polar Sports‚ Inc. one potential big change could be the switch from seasonal production to level monthly‚ as is brought up by Mr. Johnson‚ vice president of operations. This will lead to several differences in forecasting compared with when the company still adopts seasonal production. The forecast will through light on the financial needs of the company. First of all‚ production will be distributed evenly throughout the year under level production
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The AICPA term “spousal equivalent” seems to be open to interpretation. Left to my own senses‚ I found in an internet search the Free Dictionary version of what a “spousal equivalent” is. According to the definition‚ a spousal equivalent is “a person (not necessarily a spouse) with whom you cohabit and share a long-term sexual relationship”. This definition leaves a lot to be desired and can be interpreted and misled in many directions. Just because one cohabitates with someone else (regardless
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financial statements of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended July 31‚ 1986. How does a review differ from an audit‚ particularly in terms of the level of assurance implied by the auditor’s report? While both a review and an audit are attestation services provided by CPAs. A review and an audit differ in that a review does not offer the level of assurance that an audit does‚ auditors do not look at as much evidence for a review as they
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There are many ways to describe a topic or an event. Authors‚ for example‚ have their own unique style to present their argument when faced with a group of listeners. This unique style that accompanies every author can be announced in various forms of expression‚ such as statistics‚ social media‚ and artistic perspective to show their ideas as well as their opinions. The fact that pictures have no words makes it one of the best ways of persuasion because it can be interpreted in many different ways
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How far do the two representations differ? Representation one and representation two differ but also agree with each other too. Representation one is a historical‚ factual‚ formal commentary produced by Clive Emsley‚ whereas representation two is a satirical critique published in Punch Magazine. Furthermore‚ representation one’s purpose is to inform the readers briefly of the job’s strengths and weaknesses in terms of how effective the police were in the late 20th century. On the other hand‚ representation
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