. In what two ways is accrual accounting accomplished?
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- 4. How a profit is determined a) under the cash basis of accounting and b) the accrual basis of accounting?Which of the following is not one of the major groups that make up the balance of payments? O a. capital account O b. current account O c. profitaccount o d. financial accountWhich of the following is not one of the major groups that make up the balance of payments? O a. capital account O b. current account O c. profit account O d. financial account
- 4 What is the primary difference between cash and accrual accounting?D) going concern?example E) periodicity?example F)Revenue recognition principle? Example G)Matching concept? Example H)Accrual basis of accounting? Example I) Dual aspect of accounting? Explain example1. Accrued Revenue are considered as what account? 2. Accrued Expenses are expenses already incurred but not yet paid, and considered as what type of account?
- 3. Which of the following is an element of a statement of comprehensive income? a. Notes Payable b. Notes Receivable c. Interest Receivable d. Interest Expense 4. Which of the following is not an element of a statement of comprehensive income? a. Interest Payable b.Rent Expense c.Interest Expens d.Service Fee1. Does income approach convert future amounts to current amounts? 2. Is balance of payment accounts a financial management tool?What does the term 'accrual accounting principle' mean?
- 1. Multiple-Choice Question Under the accrual basis of accounting, revenues are reported in the accounting period when which of the following occurs? A. Cash Is Received B. Services Or Goods Have Been Delivered Please explain, and add example if can.4. Which of the following is not an element of a statement of comprehensive income? a. Interest Payable b. Rent Expense c. Interest Expense d.Service FeeWhat is accrual vs basis accounting. Explain with examples?