Homework Answers
answer: payables
cash basis accounting is based on when the cash is actually recieved or paid.for cash,revenue and expenses it can be recorded in both cash basis and accrual basis.accounts of payables and recievables are not applicable for cash basis accounting,because there is no change in cash unless it is recieved or paid.
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The cash basis of accounting ignores cash expenses O payables revenue
how are revenue and expenses reported on the income statement under cash basis of accounting and...
how are revenue and expenses reported on the income statement under cash basis of accounting and the accrual basis of accounting?
The accrual basis of accounting recognizes A. Revenue when cash is received from customers B. Expenses...
The accrual basis of accounting recognizes A. Revenue when cash is received from customers B. Expenses when paid C. Revenue when all or a substantial portion is performed D. Revenue when contracts are signed
Under the accrual basis of accounting, costs used to generate revenue are recorded as expenses A....
Under the accrual basis of accounting, costs used to generate revenue are recorded as expenses A. in the same period as related revenue. B. in the period incurred. C. in the period cash is paid.
The accrual basis of accounting recognizes expenses when cash is paid. True or False? Question 13...
The accrual basis of accounting recognizes expenses when cash is
paid. True or False?
Question 13 2 pts The accrual basis of accounting recognizes expenses when cash is paid. O True O False
The accrual basis of accounting recognizes revenue when the performance obligation is satisfied and expenses when...
The accrual basis of accounting recognizes revenue when the performance obligation is satisfied and expenses when incurred (matching concept). true or false?
Explain the difference between accrual basis accounting and cash basis accounting. Accrual basis accounting reports revenues...
Explain the difference between accrual basis accounting and cash basis accounting. Accrual basis accounting reports revenues and expenses when cash is received or paid Cash basis accounting reports revenues and expenses in the period in which a service has been performed when cash is received or paid in the period in which a service has been performed
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple...
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple Choice 1 O If payment is received at the same time a service is provided, it does not matter whether cash basis accounting or accrual basis accounting is used; both would record the transaction with the same journal entry The cash basis of accounting works best when a lengthy delay exists between the timing of cash flows and the underlying business activities to which...
Explain the difference between accrual based accounting and cash basis accounting. -What is the revenue recognition...
Explain the difference between accrual based accounting and cash basis accounting. -What is the revenue recognition principle? -What is an accrual? -What is an unearned revenue? -What is the trial balance used for?
What is the purpose of the accrual basis of accounting? Multiple Choice Recognize revenue when it...
What is the purpose of the accrual basis of accounting? Multiple Choice Recognize revenue when it is collected from customers. Match assets with liabilities during the proper accounting period. Recognize expenses when cash disbursements are made. Recognizing revenue when it is earned and expenses when they are incurred, regardless of when cash changes hands.
Compared to the accrual basis of accounting, the cash basis of accounting overstates income by the...
Compared to the accrual basis of accounting, the cash basis of accounting overstates income by the net increase during the accounting period of the Accounts Receivable Accrued Expenses Payable No No No Yes Yes No Yes No Yes No Yes Yes
The accrual basis of accounting recognizes expenses when cash is
paid. True or False?
Question 13 2 pts The accrual basis of accounting recognizes expenses when cash is paid. O True O False
Explain the difference between accrual basis accounting and cash basis accounting. Accrual basis accounting reports revenues and expenses when cash is received or paid Cash basis accounting reports revenues and expenses in the period in which a service has been performed when cash is received or paid in the period in which a service has been performed
Which of the following statements about cash basis accounting and accrual basis accounting is correct? Multiple Choice 1 O If payment is received at the same time a service is provided, it does not matter whether cash basis accounting or accrual basis accounting is used; both would record the transaction with the same journal entry The cash basis of accounting works best when a lengthy delay exists between the timing of cash flows and the underlying business activities to which...
What is the purpose of the accrual basis of accounting? Multiple Choice Recognize revenue when it is collected from customers. Match assets with liabilities during the proper accounting period. Recognize expenses when cash disbursements are made. Recognizing revenue when it is earned and expenses when they are incurred, regardless of when cash changes hands.
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