509) 59710 G 1/cl/outline Homework assignment Is a graded item and this homework is due at 11 p.m. on September sor when learning module ends. Solution will be available in this Homework folder 45 minutes after it is due Assuming that you are to start+ Activity 3: Chapter Discussion In chapter 4, we have learned a very important financial reporting principle for revenue and expense recognition accounting. Accrual-basis of accounting is required for companies whose stocks are traded in the major stock Reporting markets under the generally accepted accounting principles (GAAP) lh the U.S. and under the International Financial Standards (IFRS). Learning Objective: This discussion aligns with chapter learning objective #1: xplain the revenue recognition principle and the matching principle, chapter learning objective #2: differentiate between the cash -dthe accrual basis of accounting, and course learning objective #3 : list major assumptions and principles in financial reporting Time: The time estimated to complete this activity is 20 minutes Instructions Assuming that you are to start a small business or a not-for-profit organization that is not subject to prefer to use the accrual basis or the cash basis? you why would your choice, accrual basis or cash basis, work better. Internet search is not recommended, but personal experiences are appreciated. (Hint: We are NO T comparing accrual basis and cash basis in general! This discussion on the characteristics of the business you set up and the timing of cash rec . (a) Make one initial post to describe the transactions that your business or organization would typically have AND justify or payment. Also, with so many easy-to-use accounting software, "simplicity" of cash-basis is no longer a dominating advantage.) Make a reply post: Read and respond to one of the posts made by your fellow students. For the reply post, make su that your post connects and contributes to the discussion (i.e. don't just repeat your own initial post) . r in Pelicies and Statements men items on the left p 509) 59710 G 1/cl/outline Homework assignment Is a graded item and this homework is due at 11 p.m. on September sor when learning module ends. Solution will be available in this Homework folder 45 minutes after it is due Assuming that you are to start+ Activity 3: Chapter Discussion In chapter 4, we have learned a very important financial reporting principle for revenue and expense recognition accounting. Accrual-basis of accounting is required for companies whose stocks are traded in the major stock Reporting markets under the generally accepted accounting principles (GAAP) lh the U.S. and under the International Financial Standards (IFRS). Learning Objective: This discussion aligns with chapter learning objective #1: xplain the revenue recognition principle and the matching principle, chapter learning objective #2: differentiate between the cash -dthe accrual basis of accounting, and course learning objective #3 : list major assumptions and principles in financial reporting Time: The time estimated to complete this activity is 20 minutes Instructions Assuming that you are to start a small business or a not-for-profit organization that is not subject to prefer to use the accrual basis or the cash basis? you why would your choice, accrual basis or cash basis, work better. Internet search is not recommended, but personal experiences are appreciated. (Hint: We are NO T comparing accrual basis and cash basis in general! This discussion on the characteristics of the business you set up and the timing of cash rec . (a) Make one initial post to describe the transactions that your business or organization would typically have AND justify or payment. Also, with so many easy-to-use accounting software, "simplicity" of cash-basis is no longer a dominating advantage.) Make a reply post: Read and respond to one of the posts made by your fellow students. For the reply post, make su that your post connects and contributes to the discussion (i.e. don't just repeat your own initial post) . r in Pelicies and Statements men items on the left p
