1. What are advantage and disadvantages of cash method and accrual method?

Q: define financial accounting and explain its role in business

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: A company collects cash on an account previously written off. How will this transaction affect (1)…

A: The collection of cash on an account that was previously written off is an event that not only…

Q: Define the measurement principle. Select one: O a. Requirement that accounting records should all be…

A: Accounting principles: Accounting principles are the rules or policies which are required to be…

Q: Discuss how using debt ratios applies to a business. Discuss how using debt ratios applies to your…

A: As per the authoring guidelines, the first three questions are answered. Please post the remaining…

Q: Economic Entity Assumption   Monetary Unit Assumption   Historical Cost Principle           Going…

A: Accounting Assumption / Principles : These are the accounting rule which are applicable to prepare…

Q: Factors that reflect the ability of a business to pay its debts and earn a reasonable amount of…

A: Financial ratios refer to the ratios which are calculated by comparing the two figures of the…

Q: The ability of a business to pay its debts is called a. a fiscal year. O b. solvency. O c.…

A: The ability of a business to meet its long-term debts is called solvency. If the solvency is high,…

Q: Knowledge Check Indicate which statements pertain to the accrual-basis of accounting and which…

A: Cash Basis of Accounting - In cash accounting method the reporting of revenues and expenses occurs…

Q: When a business provides services for cash, what is the effect on the accounting equation are…

A: When a business provides services for cash, cash is increased and revenues are increased. Revenues…

Q: What does the balance sheet show? A) the financial performance of operations during a specific…

A: A balance sheet, also known as a 'statement of financial position', is one of the three main…

Q: Question: Which of the following statements best describes the accrual basis of accounting? Options:…

A: Under cash basis of accounting, revenues are recorded in books of account when cash received for…

Q: I have 2 questions.Question 1: Please tell me what financial statement these accounts are on, if…

A: Dear student, as you have not mentioned the question number to be answered, so we are answering you…

Q: o companies like Walmart use accru

A: Many large organizations, including Walmart, prefer to adopt accrual basis accounting over cash…

Q: The monetary unit assumption of accounting means that A.only items that can be expressed in money…

A: Introduction: Accounting: Accounting is an art of recording , classifying, summarizing and…

Q: When a business provides services for cash, which elements of the accounting equation are affected?…

A: The assets are equal to the sum of liabilities and equity during an accounting period is termed as…

Q: Which of the following statements are incorrect: i) Net income represents cash available to pay…

A: Net income (NI) is computed by subtracting revenues from costs, interest, and taxes. NI is used to…

Q: Which of the following statements regarding the accrual basis of accounting is true? A) It records…

A: Accrual basis of accounting is a type of accounting where the transactions are entered into books of…

Q: Applying Financial Statement Linkages to Understand Transactions Consider the effects of the…

A: In the above question we have asked to analyse the effect of given transactions on the financial…

Q: Which of the following is not a question that can be answered with the cash flow statement? A.How…

A: Solution Concept Cash flow statement is a financial statement that is prepared to present the cash…

Q: Under accrual accounting: Group of answer choices a)Revenue cannot be recognized until cash is…

A: As per the cash basis of accounting, we should record the transaction only when corresponding cash…

Q: 1. The economic benefit (increase in assets) gained by providing goods or services to customers. 2.…

A: 1. The economic benefit (increase in assets) gained by providing goods to customers.The answer is…

Q: Are the following Operating, Investing or Financing Activities? - Advances from Customers - Loan is…

A: Cash Flow Statement - Statement of Cash flow is a financial statement that includes inflow and…

Q: When a business provides services for cash, which elements of the accounting equation are affected?…

A: Revenue is the amount of income generated from the sale of goods or providing services. It can be in…

Q: What does the balance sheet show?  A) The financial performance of operations during a specific…

A: A balance sheet is a financial statement that provides a snapshot of what a company owns and owes,…

Q: The accounting assumption that states an owner of a business must keep the business checkbook…

A: Accounting Assumption :— It is set of standard rules that are provided by financial accounting…

Q: What does the balance sheet show? A) the financial performance of operations during a specific…

A: A balance sheet, also known as a 'statement of financial position', is one of the three main…

Q: Statement of changes in equity Retained eanings 1,200 Add: Profit 2,170 Less: loses 3,144 Retained…

A: Evaluate and comment on  businesses financial performance by calculating and analysing 2…