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Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
yes
Accrual System expenses are recorded when they are occured.Cash System expenses are recoreded when they are actually paid.
Matching concept is the basis of accrual accounting system under which all expenses to earn revenue should be match within same fiscal year so it is part of accrual accounting system
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
Under GAAP, the accrual system of accounting is used by investors and banks for financial statements. True or False?
yes
yes
Accrual System expenses are recorded when they are occured.Cash System expenses are recoreded when they are actually paid.
Matching concept is the basis of accrual accounting system under which all expenses to earn revenue should be match within same fiscal year so it is part of accrual accounting system
banks must keep a specific percentage of deposits on hand.
banking system in which banks keep a portion of deposits on hand to satisfy their customer's demands for withdrawals.
Until they are measurable and available
under cash base system of accounting/book keeping transaction is recorded in the books of accounts when actually cash received or paid relevant to the transaction, whereas, in accrual Base system of accounting there is not any compulsion to actually receive or pay cash before recording the transaction in the books of accounts but only evidence of an event is needed to record it!
Banks must keep a specific percentage of deposits on hand.A banking system in which banks keep a portion of deposits on hand to satisfy their customer's demands for withdrawals.
If Rent Revenue is shown in income statement but if that revenue is still receivable in accrual accounting system then it will shown under balance sheet at asset side as well.