Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. accrual accounting: eliminates the need to record

Accrual accounting: eliminates the need to record moshof a company's liabilities. accounts for the economic...

50.1K

Verified Solution

Question

Accounting

image
Accrual accounting: eliminates the need to record moshof a company's liabilities. accounts for the economic effects of transactions when cash receipts or cash payments take place rather than when the resulting revenues are earned or expenses are incurred. is used for financial reporting purposes because it measures of a company's past earnings performance more accurately than does cash basis accounting. rarely if ever involves the use of estimates

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

When are companies likely to use a job costing system or processcosting system? Describe...

Accounting
Q

what are the fluids immediately inside and outside the lungs that make effective breathing possible. What...

Medical Sciences
Q

Explain SFURTI and ASPIRE in detail.In what way it affect the growth of the economy.Give me...

General Management
Q

H RELIAS OVERVIEW Home Assignments Licenses CCBH 4 lan

Biology
Q

1 Two planets A and B are revolving around the Sun have time period in...

Physics
Q

A small block of mass 2 kg is projected on a horizontal smooth floor with...

Physics
Q

perpendicular lines Lesson 2 3 Checkpoint Once you have completed the above problems and checked...

Geometry
Q

Find the value of 7C3O 240 210O 35O 5,040

Basic Math
Q

A company has two departments, Y and Z that incur wage expenses. An analysis of...

Accounting
Q

The budget components for Grouper Company for the quarter ended June 30 appear below. Grouper...

Accounting
Q

Cabot Company collected the following data regarding production of one of its products. Compute the...

Accounting
Q

Q3. ABC Ltd. is preparing a budget for 2015. Following are the information related with...

Accounting