Explore BrainMass

Explore BrainMass

    accrual vs cash system of a/c,GAAP,adjusting entries

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Please answer the attached questions.

    Please answer the following questions in detailed responses.

    Assignments from the Text

    Fundamentals of Financial Accounting
    #3 Define accrual accounting and contrast it with cash basis accounting.
    #4 What four conditions must normally be met for revenue to be recognized under accrual basis accounting?

    Financial Accounting: Tools for Business Decision-Making
    #2 Identify and state two generally accepted accounting principles that related to adjusting the accounts

    #8 What accounts does a company debit and credit in a prepaid expense adjusting entry?

    #10 Explain the differences between depreciation expense and accumulated depreciation.

    #12 What accounts are debited and credited in an unearned revenue adjusting entry?

    © BrainMass Inc. brainmass.com June 3, 2020, 10:02 pm ad1c9bdddf


    Solution Summary

    The answer contains the differences between accrual and cash system of accounting, conditions for recognition of revenue, GAAP with respect to adjusting of accounts,differences between depreciation expense and acculumated depreciation, adjusting entries for prepaid expense and unearned revenue