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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- Spring '11