1) Differentiate between accruals and deferrals and provide specific examples of each.
Accrual means recording of an item in a period before it is actually paid or received i.e. only booking is done in prior period while its actual payment or receipt is going to be in another period. For example:- Rent expense for the month of December actually paid in January then it should be recorded as an expense in the December month as per accrual concept while its actual payment is done in January.
Deferral is recognizing an item in a period after than its
actual payment or receipt. For example:- Insurance expense is paid
for the full year in January month then as per deferral concept
Insurance expense to be recognised for each month separately in the
month for which it pertains even when the full payment in done in
January. So expense for February month will be recognised in
February while its payment is already been done in
January.
1) Differentiate between accruals and deferrals and provide specific examples of each.
QUESTION 1 In class you learned that In order to measure profitability and financial position properly, accruals and deferrals need to be accounted for. (a) Explain the difference between between profitability and financial position. (b) Explain how accountants know if they're measuring profitability and financial position "properly". (c) Differentiate between accruals and deferrals and provide specific examples of each. .
a) Differentiate between static and dynamic loading? Provide 02 examples for each. b) Describe the mechanism of crack propagation for both ductile and brittle modes of fracture. Please benchmark at least 05 different research papers where necking (ductile materials) and fracture (brittle materials) have been captured using a scanning electron microscope.
Describe the two main types of adjusting entries (deferrals and accruals), and give at least 1 example of EACH of the 2 types. (ie, You should have 2 complete journal entries – 1 deferral entry, and 1 accrual entry – Be sure to have a debit account and a credit account with amounts in your entry) . Explain what an Unadjusted Trial Balance is, and the relationship between the Unadjusted Trial Balance, adjusting journal entries, and the Adjusted Trial Balance....
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