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Watch Accounting WITT's video titled "Cash and Accrual - Conceptual":
https://www.youtube.com/watch?v=aPwdgUDXkkE&feature=youtu.be
Based on the video, explain two (2) advantages and two (2) disadvantages in using both the cash and the accrual basis of accounting.Then, determine the one (1) that you believe provides the most useful financial information to users.
Identify at least two (2) types of businesses that would benefit by preparing financial statements using either the cash or accrual basis of accounting.
Justify your response.
On January 1, 2010, the Vasby Software Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for each employee.
Prepare the journal entry to record depletion expense. Assume that the 100,000 tons of ore were mined, but only 80,000 units were sold. How are the costs applicable to the 20,000 unsold units reported?
During the year, Xero, Inc., experienced increase in net fixed assets of $300,000 and had depreciation of $200,000. If operating cash flow (OCF) for the year was $700,000, compute firm's free cash flow (FCF) for the year.
smelly perfume company manufactures and distributes several different products. they currently use a plant-wide
Dancer Corp has a selling price of $25 per unit, and variable costs of $19 per unit. When 20,000 units are sold, profits equaled $88,800. How many units must be sold to break-even?
the cost formula for monthly customer order processing cost has been established as 100.15 per order it is expected
The business has been offered $5 per finished gallon to process two batches of Product A futher into Product B. Product B will require additional processing costs of $7,800 per batch, and 10% of the gallons of Product A will evaporate during proce..
Most effective software for building searchable digital bibliographic database?- the technical requirements for such conversion from printed material to searchable digital format;
You have been hired to oversee a major systems development effort to purchase a new accounting software package. Describe what is important to include in the contract with the software vendor.
Fields Corporation has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear. Fields incurs $2,220,000 in fixed costs. The contribution margin ratio for Sporting Goods is 30%, while for Spor..
reagan products manufactures a silicone paste wax that goes through three processing departments cracking blending and
In its first month of operations, Quirk Company made three purchases of merchandise in the following sequence: (1) 300 units at $6, (2) 400 units at $7, and (3) 200 units at $8.
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