XACC290WEEK6 - XACC 290 WEEK 6 DQS Timing Differences What...

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XACC 290 WEEK 6 DQ’S Timing Differences What are Timing Differences? Please explain. Timing difference is the concept of the accounting that occurs due to the transition problems. The timing difference is the term that is extremely used in the financial reporting or taxation purposes. The method of calculation of the depreciation is different in both financial accounting and taxation. While the company is using the straight-line method for the depreciation, the tax authorities will use the accelerated depreciation method. This will cause the timing difference in the tax liability of the company even though the depreciation calculated by both methods is the same and the time period for the depreciation is also the same. Accounts Payables vs. Accounts Receivables What is the difference between accounts payables and accounts receivables? Please explain. Anyone can respond. Accounts payable are amounts a company owes because it purchased goods or services on credit from a supplier or vendor. Accounts receivable are amounts a company has a right to collect
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