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