Assignment Instructions/ Description
Discussion questions and answers/paragraph format/APA format. Add in text citations for each answer/paragraph and a reference.
Accounting: Tools for Business Decision Making, Ch. 3: The Accounting Information System1. What criteria are considered when identifying a business transaction?
2. How are debits and credits used to record these transactions?
Accounting: Tools for Business Decision Making, Ch. 4: Accrual Accounting Concepts3. What is the theory behind the matching principle?
4. In what method of accounting, accrual or cash, does the matching principle apply?
5. What is the matching principle in GAAP accounting?
International Financial Reporting Standards
IFRS Analysis6. In addition to preparing financial statements in accordance with GAAP, U.S. companies may be required, in the near future, to prepare financial statements according to International Financial Reporting Standards (IFRS). If the United States adopted IFRS standards, what would be the advantages and disadvantages?
7. Does it make sense for U.S. companies to change to IFRS?8. How would IFRS impact a comparative analysis of an organization's financial statements?
Cash Basis vs. Accrual Basis
9. Watch the "Cash Basis vs. Accrual Basis" video. Summarize the video?
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