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Accounting Intro Chp. 3 Week 3

by: Evelin Notetaker

Accounting Intro Chp. 3 Week 3 ACCT 2331

Marketplace > University of Houston > Accounting > ACCT 2331 > Accounting Intro Chp 3 Week 3
Evelin Notetaker
GPA 2.5
Acct Principles I
Kiran M Parthasarathy

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About this Document

This includes an introduction to accrual and cash basis. As well as examples of revenue recognition and matching principal.
Acct Principles I
Kiran M Parthasarathy
Class Notes
accrual basis, Accounting, revenue recognition
25 ?




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This 2 page Class Notes was uploaded by Evelin Notetaker on Monday September 14, 2015. The Class Notes belongs to ACCT 2331 at University of Houston taught by Kiran M Parthasarathy in Summer 2015. Since its upload, it has received 69 views. For similar materials see Acct Principles I in Accounting at University of Houston.

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Date Created: 09/14/15
Accounting 2331 Week September 9 2015 Continue Chapter 2 Accounts receivable is an asset Anything that you can get cash quickly falls under asset Taccount all like transactions linked together Journal entry has rst debit then credit Introduction to Chapter 3 Cash Basis Accounting Record revenues when you receive cash Record expenses when you spend cash This basis is not accepted by major companies and GAAP Accrual Basis Accounting Basis required by GAAP Record in period when revenues earned Company records revenue when it sells product and provides service Known as revenue recognition principal Record expenses with related revenues Record period with revenue you try to generate Implied cause and effect Expenses for supplies is when they are used Known as expense recognition or matching principal Revenue Recognition examples June 17 customer orders service June 29 company performs service on account July 7 customer pays cash owed for service Entry date is June 29 since according to revenue recognition principal Accounts receivable asset debit Service Expense expense credit Expense Recognition Examples April 10 company orders office supplies April 25 company receives and uses office supplies May 7 company pays for supplies purchased Entry date is April 25 according to matching principal when used Supplies expenses expense debit Accounts payable liability credit


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