Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why, or why not?
Please provide a constructive example of a business transaction related to cash receipt or made a sale on credit. Please be sure that you are able to identify the two accounts impacted. Why is it important to record your selected transaction?
a. What is an Account, what is Accrual Accounting? Why not just use the simple cash basis? What are some of the benefits of using accrual accounting?
b. What is the adjusting process? Which accounts need to be adjusted? Why is it important to accomplish these updates?
c. What is the difference between a fiscal year and a natural business year?
d. When is revenue generally recognized in the accounting records?
e. Please explain the matching principle
f. What is meant by the term Accounting Cycle?
Please be sure do some research outside your textbook (use your textbook as a reading guide) on this very important discussion topic by visiting different websites and share your thoughts and ideas here with each other.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more