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beginning chapter 4 - 0 Under accrual basis accounting...

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Unformatted text preview: - 0 Under accrual basis accounting, Iransaclicns that change a — - . . . . Ad] “5 cnrnpany's financial statements are recorded in Ihe perinds in II'IIIIIIII'I and mat“ '1 I "9 [III "I: I F I BE are fD which the evenls occur. d'E RECOGNITION 0 me revenue recngnltion and matching principles are used under the accrual basis. 0 Under cash basis accounling. revenue is recorded when cash is received, and expenses are recorded when cash Is paid. 0 Generally accepted accounling principles require accrual hasls accnuminn. C we aeenumlnu nine DEIIII'II III IIIIB year in length is relerred to as a fiscal year. a — m — Revenue recounted In Enqaeneee rnetd'led Mil-I renames flu; mntiru perind in illhapelindlrl'mafiu'l‘sm whlehlrleaerned Wmmmmua In: mmfimgenudly mp‘nad arm-awning principle: ...
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