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The accounting information system-accrual accounting concept

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Ch. 3: The Accounting Information System

1. We learned about Accounting Information Systems. What are some of the criteria that must be considered when identifying a business transaction? Additionally, how are debits and credits used to record these transactions?

2. What criteria are considered when identifying a business transaction?

3. How are debits and credits used to record these transactions?

4. Explain IFRS Practices

Ch. 4: Accrual Accounting Concepts

5. After reading about Accrual Accounting Concepts what have you learned about the theory behind the matching principle? Discuss the method of accounting, accrual or cash that the matching principle applies to.

6. What is the theory behind the matching principle?

7. In what method of accounting, accrual or cash, does the matching principle apply?

8. Explain the accrual basis of accounting and the reasons for adjusting entries.

Reference no: EM132591929

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