ACC 290 Week 2 DQs

ACC 290 Week 2 DQs

Asked by 3 years ago
398.3k points

ACC 290 Week 2 DQs

What is accrual accounting? Why do generally accepted accounting principles require accrual accounting?

What is the difference between accrual and cash accounting? When might an accountant use cash basis accounting without violating generally accepted accounting principles?

What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?

ACC 290

1 Answer

Answered by 3 years ago
407.5k points

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 ACC 290 Week 2 DQs

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Excerpt from file: Week2DiscussionQuestion#3 Whatistherevenuerecognitionprinciple?Whatistheexpenserecognitionprinciple? Whyaretheyimportanttofinancialreporting? Therevenuerecognitionprinciplemakesitsothattherevenueacompanyearnsisrecorded inthesameaccountingperiodinwhichtheproductorservicewassold.Theexpense...

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Asked: 3 years ago