Business > CASE STUDY > AH531 W2Assignment 2 AH531 Accrual vs. Cash Basis Accounting College of Nursing and H (All)
AH531 W2Assignment 2 AH531 Accrual vs. Cash Basis Accounting College of Nursing and H
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AH531 W2Assignment 2 AH531 Accrual vs. Cash Basis Accounting College of Nursing and Health Professions, Grantham University AH531 Explain the difference between the accrual basis of accounting ... and the cash basis of accounting. What are the major reasons for using accrual accounting? — Cash basis accounting is watching actual cash flow from in and out of the organization. —Accrual basis of accounting tracks the flow of resources and revenues the resources bring in. — Three reasons to use accrual accounting over cash basis accounting —‹ Resource, revenue, and cash flow are all in one area —‹ The revenue will be associated with whatever resource brought in the revenue —‹ The financial statements provides a general overview of the operations *(Zelman, McCue, Glick, & Thomas, 2013) What are the purposes of a journal and a ledger? —A journal is where the organization will keep track of. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [Show More]
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