Homework Answers
R1. Under cash basis revenue is recognised when cash is received. $600 is collected in cash. $600 is service revenue under cash basis.
Under accrual basis revenue is recognised in the period in which service is provided irrespective of cash receipts. Total service revenue = $600 + $1,400 = $2,000. In the month of June the service revenue will be $2,000 under accrual basis.
R2. Accrual method provides more information when compared with cash method because cash method just give the information about total cash collection but accrual method gives the details of total revenue earned.
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Unsure how to solve this and whats the
answer
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