bus-139-hw-ch-08-acc.docx

bus-139-hw-ch-08-acc.docx - bus 139 hw ch 08 1 of 2 BUS 139...

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bus 139 hw ch 08 1 of 2 BUS 139 Homework Chapter 8 Name __________________________________________ Date _________________ (Name and date required only if submitted in hard copy format.) Soring Rubric Each letter (a, b) or little roman numeral (i) item: 1 point Question 5: 2 points Maximum score: 16 points 1. Briefly explain a. accrual based accounting Income and expenses are recorded at the time they are incurred. b. cash based accounting Income and expenses are recorded at the time they are paid. 2. Briefly explain a. common size statement Financial statement that includes a percentage breakdown of each item. b. pro forma statements Financial statements that project what a firm’s financial condition will be in the
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