Which of the following is in accordance with generally accepted accounting principles? Accrual-basis accounting Cash-basis accounting Both accrual-basis and cash-basis accounting Neither accrual-basis nor cash-basis accounting

Q: In Accrual-Basis Accounting how can you recognize your Revenues?

A: The accounting based on accrual method refers to recording of revenue and expenses when they are…

Q: Discuss and explain in details the steps of preparing Accrual basis accounting with one example and…

A: Accrual basis of accounting is that basis of accounting in which income and expenses are recorded in…

Q: What type of accounting recognizes revenues and expenses in the same accounting period that cash…

A: . Accrual basis: It is one of the methods of basis of accounting that records the transactions…

Q: Why and when the generally accepted accounting principles were established?

A: Generally accepted accounting principle- It contains the set of rules, regulations and criteria for…

Q: Generally accepted accounting principles require that companies use the        of accounting.…

A: As per Generally accepted accounting principles, all the companies are required to follow the…

Q: What is accrual accounting and how does it work?

A: Accrual accounting is a system of accounting wherein: Revenues are recognized as and when they are…

Q: What are the principles of accounting according to GAAP?

A: GAAP: Generally Accepted Accounting Principle (GAAP) is a common set of accounting principles,…

Q: . In what two ways is accrual accounting accomplished?

A: The accrual basis accounting records the revenue and expenses when they are incurred.

Q: Write short notes on the following accounting principles with proper example.  A) cost principle?…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: When are revenues and costs recorded in accrual accounting

A: The Answer

Q: asis accounting. Explain with examples?

A: Answer: Basis of differences Cash Basis Accrual Basis Types of transactions recorded Only cash…

Q: How does expense recognition impact the accounting equation

A: The accounting equation states that assets equal to sum of liabilities and equity.

Q: Accrual accounting is defined as follows:

A: Accrual accounting (also known as accrual accounting): It is an accounting system in which accrual…

Q: What is accounting? Explain and discuss the accounting standards and assumptions.

A: Accounting is the process of identifying, recording, summarizing, analyzing, interpretation and…

Q: How to balance an accounting equation

A: Accounting equation:   Accounting equation is treated as a basic foundation of the double entry…

Q: What are the two primary functions of financial accounting?

A: Financial accounting is that field of accounting in which all financial transactions are recorded in…

Q: When it comes to accrual accounting, what do you name the principles and goals that influence the…

A: It is required that a cost be recorded in the same period as the corresponding income is collected…

Q: What is Accounting? Bookkeeping vs. Accounting Purpose of Accounting Generally Accepted Accounting…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: A change from cash basis to accrual basis should be reported A. Retroactively as a correction of…

A: Cash basis refers to the accounting of the transactions as and when the cash is received. Whereas…

Q: What exactly is accounting? Describe and debate the accounting standards and assumptions

A: SOLUTION-   MEANING OF ACCOUNTING - IT IS A PROCESS OF RECORDING , SUMMARIZING ,ANALYZING AND…

Q: me statement represents the basic accounting equation. True or false?

A: Solution: Basic accounting equation is that Assets are equal to the sum of Liabilities + equity.…

Q: How would you describe the difference between cash basis accounting and accrual basis accounting?…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: which of the following is an accounting concept which serves as the basis for revenue and expense…

A: Accounting principles: Accounting principles are the conventions or rules that must be followed in…

Q: Which of the following is in accordance with generally accepted accounting principles? Select one:…

A: Generally accepted accounting principles improves the clarity,  consistency and communication of the…

Q: What is accounting? Explain and debate the accounting rules and assumptions.

A: Introduction : Accounting is the process of recognizing, documenting, summarizing, analyzing,…

Q: The financial statements are based on the most basic tool of accounting. True or false? Explain how?

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Which one of the following is not related to financial statements? a-Profit & Loss Account…

A: Financial statements are referred as the records of the business operations and financial…

Q: ancial position in  accordance to IFRS finacial statement presentation. Expain?

A: Accounting Equation is nothing but in simple terms, there should be a balancing entry i.e if there…

Q: AS I required that an entity prepare its financial statements (except cash flows statement) using…

A: Solution Concept IAS 1 is the standard related to presentation of the financial statements It…

Q: ollowing is an accounting concept which serves as the basis for revenue and expense recognition :…

A:

Q: What are the accounting measurements (principles and p

A: Accounting principles are the rules and criteria that companies must follow when reporting financial…

Q: c) Where do expenses belong in the accounting equation? How does an increase in an expense affect…

A: Please see Step 2 for required information.

Q: What is the meaning of accounting?

A: Bookkeeping refers to the way of recording day-to-day business transactions and information.…

Q: Under accrual basis of accounting, revenue is recognized when and expenses are recognized when

A: The answer is option (b.)  [i.e  under accrual basis of accounting, revenue is recognized when…

Q: 1. What is accrual basis of accounting? How is it applied in terms of revenues and expenses?

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Due to which concept, accounting does not record non-financial transactions? O a. Going concern…

A: Accounting principles are those rules, regulations and guidelines which are used by the accountants…

Q: Which of the following is not a criterion to recognize revenue under GAAP?A. The earnings process…

A: GAAP is the generally accepted accounting principles that are used by the accountants for the…

Q: Which of the following is true of accrual basis accounting and cash basis accounting? Accrual…

A: Accrual basis: Accrual basis is a method of accounting. In this method recording of revenues are…

Q: Which of the following is not a proper representation of the accounting equation? Equity = Assets…

A: Total assets should always equal the total of liabilities and equity.

Q: How a profit is determined a) under the cash basis of accounting and b) the accrual basis of…

A: a) Under cash basis of accounting revenues and expenses only includes where there is a cash exchange…

Q: What is GAAP, Generally Accepted Accounting Principles?

A: The Generally Accepted Accounting Principles (GAAP)is a set of rules used for helping…

Q: accounting records the impact of a business event when it occurs, regardless of whether the…

A: There are two concepts of accounting, which are used mostly. These are cash basis of accounting and…

Q: What is the difference of basic accounting equation from the expanded accounting equation?

A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…

Q: Which of the following statements reflects an accurate comparison of cash-basis versus accrual-basis…

A: The cash-basis is a method under which only cash revenue and cash expenses are recorded.…

Q: Explain what the accrual basis of accounting is and who requires it.

A: Accrual basis of accounting: Under this method of accounting, the revenues, and their related…