PPT_for_Section_2_without_in-class_assignment

PPT_for_Section_2_wi - ACC 200 Fall 2010 Section 2 The Cash Basis of Accounting Roby B Sawyers CPA Ph.D College of Management To record your

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC 200 Fall 2010 Section 2: The Cash Basis of Accounting Roby B. Sawyers, CPA, Ph.D. College of Management
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
To record your attendance, click on “1” 2 Answer Now 30 1. Yes, I am here today!
Background image of page 2
3 Primary Topics Cash basis vs. accrual basis An Issue of Timing When is Revenue recognized? When are expenses recognized? Accounting for Business Transactions
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4 Revenue Recognition Cash Basis – when cash is received from a customer Accrual basis – when the revenue is earned (which may be before or after the cash is received!)
Background image of page 4
5 Expense Recognition Cash Basis – When cash is paid for costs incurred Accrual Basis – When expenses are incurred which may be before or after the cash is paid!
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6 Accounting for Business Transactions Transaction A simultaneous exchange between one accounting entity and another Customers, suppliers, employees, owners (shareholders), creditors etc.
Background image of page 6
7 Accounting for Business Transactions Transactions are recorded in
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/11/2011 for the course ACC 200 taught by Professor Buckless during the Winter '08 term at N.C. State.

Page1 / 17

PPT_for_Section_2_wi - ACC 200 Fall 2010 Section 2 The Cash Basis of Accounting Roby B Sawyers CPA Ph.D College of Management To record your

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online