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?
#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?
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