Explain the difference between accrual basis accounting and cash basis accounting
Accrual basis accounting reports revenues and expenses in the period in which a service has been performed or a product has been delivered, regardless of when cash was received. Cash basis accounting reports revenues and expenses when cash is received or paid.
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Developing global capacity plans is a(n) ______.
A. iterative and collaborative process B. process that is heavily regulated by the government C. annual process D. one-time process
Albion Company sells merchandise with a one year warranty. In 2013, sales consisted of 2,500 units. It is estimated that warranty repairs will average $20 per unit sold, and 30% of the repairs will be made in 2013 and 70% in 2014 . In the 2013 income statement, Albion should show warranty expense of:
a. $15,000 b. $35,000 c. $50,000 d. $0 e. $25,000
What is good advice about personal values?
A. focus on intrinsic values that are naturally satisfying B. avoid focusing on acquiring wealth and possessions C. try to find a good fit between your values and your organization’s values D. all of these
Keyser Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price$129? Units in beginning inventory 900?Units produced 8800?Units sold 8900?Units in ending inventory 800? Variable costs per unit: Direct materials$28?Direct labor$45?Variable manufacturing overhead$9?Variable selling and administrative expense$19?Fixed costs: Fixed manufacturing overhead$70,400?Fixed selling and administrative expense$163,900?The company produces the same number of units every month, although the sales in units vary from month to month. The company's variable costs per unit and total fixed costs have been constant from month to month.What is the net operating income for the month under
variable costing? A. $14,100 B. $23,100 C. $4000 D. $14,900