simply repeating previous posts and agreeing. Discuss the pros and cons of accural accounting versus cash accounting methods. All discussion forums must require at a minimum: 1-Research (at least 2 citations) 2-Critical Thinking 3-Opportunity for dissent. Accrual Accounting versus Cash Accounting Ok‚ if we are to attain our career goals we need to understand these two methods of accounting. This topic is very important in almost any field that one chooses to fashion their
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Cash Basis Accounting Vs. Accruals Basis Accounting The cash basis accounting which is currently use by the government has many weaknesses which need to be addressed. The present system does not give a real reflection and real time position of the government’s financial matters. Expenditures were recorded as they were spent and paid for‚ not as they were incurred whereas revenue was recorded as it was received and not when it was earned. Assets are seldom accounted for and tracked after purchasing
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Associate Level Material Physical Fitness Worksheet Being physically fit is an important aspect of obtaining optimal health. Becoming knowledgeable about what it means to be physically fit may greatly increase your ability to improve your health and wellness. In this worksheet‚ you identify the five components of health related fitness. Completing this assignment is a step towards gaining the knowledge needed to better manage your physical fitness. Five Components of Health Related Fitness
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types of accounting measurement to determine the profit. They are cash basis and accrual basis. Business can use either a cash basis or accrual basis to work there profit. However‚ most of the company prefers to use accrual basis instead of others. In this essay‚ I will compare the difference between cash basis and accrual basis on expense and revenue. In addition‚ how can company choose their measurement of profit will also be discussed. Cash basis & accrual basis Cash basis accounting is focus
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different accounting principles and both get a true and fair audit report?” - M. Lafferty Nowadays‚ as our economy is facing possible everyday crises‚ managers undergo an increasing pressure in order to keep their company ’s earnings stable. Shareholders and analysts expect companies to meet forecasted goals and not to deviate from these. Especially‚ reliable companies are to report positive results and shall not present any ’surprises ’. Managers therefore often turn to their accounting departments
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A COMPARISON BETWEEN CASH ACCOUNTING AND ACCRUAL ACCOUNTING 1. Introduction Accounting principle and theory are generally referred to two main accounting methods which include cash accounting and accrual accounting. Cash basis accounting on income and cost is determined by the amount of actual payment for reference and accounting recording mode is simple‚ easy to master. The use of the accrual basis of accounting is more complicated than it with a main difference of recording timing. This essay
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1. Under cash basis of accounting‚ revenue and expense recognition would occur when cash is received and disbursed. Contrast cash basis of accounting with accrual basis. Give suitable examples. ACCRUAL BASIS OF ACCOUNTING - An accounting basis wherein revenue and expenses are recorded in the period in which they are earned or incurred regardless of whether cash is received or disbursed in that period. This is the accounting basis that generally is required to be used in order to conform to generally
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Public Sector Accounting System in Nigeria: A Comparative Study of Cash-Basis and Accrual-Basis of Reporting By Cletus .O. Akenbor (Ph.D) Faculty of Management University of Port Harcourt‚ Choba Rivers State‚ Nigeria E-Mail: akenborcletus@yahoo.com Tel:+2348033364528 And Tennyson Oghoghomeh Director – Finance and Accounts Office of the Deputy Governor of Delta State Asaba‚ Nigeria oghoghomehtennyson@yahoo.com Tel: +2348035537037 ABSTRACT
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Historical cost accounting Advantages • Historical cost accounts are straightforward to produce • Historical cost accounts do not record gains until they are realized • Historical cost accounts are still used in most accounting systems Disadvantages • Historical cost accounts give no indication of current values of the assets of a business • Historical cost accounts do not record the opportunity costs of the use of older assets‚ particularly property which may be recorded at a value based
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CHAPTER 19 ACCOUNTING FOR INCOME TAXES Multiple Choice 1. Major reasons for disclosure of deferred income tax information is (are) a. better assessment of quality of earnings. b. better predictions of future cash flows. c. that it may be helpful in setting government policy. d. all of these. 2. Taxable income of a corporation a. differs from accounting income due to differences in intraperiod allocation between the two methods of income determination. b.
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