ACC 290 Week 2 DQ1
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This 0 page Study Guide was uploaded by an elite notetaker on Monday November 9, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 23 views.
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Date Created: 11/09/15
Week 2 D01 What is accrual accounting Why do generally accepted accounting principles require accrual accounting What is the difference between accrual and cash accounting When might an accountant use cash basis accounting without violating generally accepted accounting principles Accrual accounting is the reporting of revenues and expenses in the period of time that they occur even if payment was not received or paid Generally accepted accounting principles state that all revenues and expenses need to be reported during the time period that they occur The cashbasis of accounting is the recording of revenue and expenses When payment is received and paidout This form of accounting violates the generally accepted accounting principles because it goes against the revenue recognition and the expense recognition principles The cash basis of accounting is usually used in businesses that receive payment at the time of sale and that do not use or extend any type of credit
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