What is accounting system, Accounting Basics

Assignment Help:

Q. What is accounting system?

Accrual basis, system, or method -- an accounting system which records revenues andexpenses at the time when transaction takes place,not at the time when cash changes hands. If you purchase acoat and charge it, store records or accrues the sale when you walk out with that coat, notwhen you pay your bill. Cash basis accounting is used by individuals. Accrual basis accountingis used by most businesses.


Related Discussions:- What is accounting system

What do you understand by deferred income, Q. What do you understand by Def...

Q. What do you understand by Deferred income? Deferred income -- a liability which arises when a company is paid in advance for services orgoods that will be provided later. Fo

Which of the following is not one of the key requirements, Which of the fol...

Which of the following is NOT one of the key requirements for auditor independence? A. Auditors must disclose all other written communications between management and themselv

Accounts payable subsidiary ledger, An accounting ledger that reveals the t...

An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust

Show employment opportunities in accounting, Q. Show Employment opportuniti...

Q. Show Employment opportunities in accounting? Throughout the last half-century accounting has gained the same professional status as the medical and legal professions. At pre

Income from continuing operations before income tax, White Lightning Inc. r...

White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd