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ACC 290 Week 3 Individual Assignment Week Three Problems and Exercises


ACC 290 Week 3 Individual Assignment Week Three Problems and Exercises fin571

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ACC 290 Week 3 Individual Assignment Week Three Problems and Exercises
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This 3 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 28 views.

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Date Created: 11/09/15
Running head: WEEK THREE REFLECTION SUMMARY  1 Week Three Reflection Summary ACC/290 University of Phoenix WEEK THREE REFLECTION SUMMARY  2 Week Three Reflection Summary The knowledge of the team members continue to expand in accounting in week two.  The team members gain knowledge on the difference between the accrual and cash accounting,  creating adjusting entries, and preparing an adjusted trial balance.   The difference between the two types of accounting begin when the accountant record  revenue and expenses.  In accrual basis accounting the individuals report income in the fiscal  period the transaction take place regardless they received cash, and the accountants deduct  expenses in the fiscal period that they incur whether or not they paid for it. In cash basis accounting, accountants record revenue when they receive cash, and they  record expenses when they pay for them regardless when the invoice took place.  In short, the  accountant must record both revenue and expenses when they occur.  Cash basis accounting  however, is not accepted under the generally accepted accounting principles.  It violates the  revenue recognition principle and the expense recognition principle. The revenue recognition principle requires a company to record revenue in the  accounting period earned, whether or not it exchanged cash.  The expense recognition principle  is the time a company records expenses that occurred in an accounting period, regardless if it  paid cash.  The expenses should match with the revenues.  On the other hand, it is important to create adjusting entries because there may be  economic issues that may not trigger the immediate recording of a transaction at that time.   Accountants use adjusting entries to match expenses with revenues during an accounting period.  The adjusted trial balance is important because it lists all accounts and balances within the  general ledger after making all adjusting entries.  WEEK THREE REFLECTION SUMMARY  3 In addition, at the end of the accounting period accountants prepare a trial balance.  This  process ensures that debit is equal to credit, in other words the books balanced.  The trial balance lists every account with their balance at a given time.  This procedure is very important because  it helps uncover if there are any existing errors in journalizing and posting.   In conclusion, a person can consider accounting as logic with numbers, every aspect  important in its own way.  Cash basis accounting would seem, by logic, the most important skill  to learn while in an accounting position.  However, Accrual is incredibly important, just as all  other accounting methods are, but cash basis provides more of a real­time idea where a company  stands, as opposed to measuring by fiscal periods.  Accountant can make the adjustments once  the initial cash has been accounted for, but without the data input, adjustments cannot be made.   Real­time knowledge and data is the best type of data, allowing a company as well as its  accounting staff to have a basic idea of where they stand.


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