What are the major differences between cash basis accounting and accrual accounting? Which one uses the basic accounting equation?© BrainMass Inc. brainmass.com March 4, 2021, 10:39 pm ad1c9bdddf
See the attached file.
This is probably the hardest concepts for financial accounting students to grasp! I have attached a word document that should help you see the difference between cash and revenue and expenses with a chart and several JE examples. Please look at ...
This solution not only answers the stated question but also presents a table and sample journal entries to show the students how events and the settling of those events in cash are not the same and WHY.