1- in your opinion, why would a company choose to use the cash basis of accounting when the accrual basis of accounting is consistent with GAAP?

2- why would a company choose a fiscal year that is not a calendar year?

3- the revenue recognition principle and the matching principle are two of the most important accounting principles. how do these principles relate to adjusting journal entries?

4- provide a common example of one accrual and one deferral adjusting entry?

5- A 10 column worsheet is an optional part of the accounting cycle but can be helpful in preparing financial statements. if you were designing your own accounting system, would you choose to incorporate worksheet preparation into the process? why or why not?

6- what is difference between temporary and permanent accounts in the closing process?