Notice: Payments for answers will end 4/10/2017. Click for more info.
You have new items in your feed. Click to view.
Question and answer
Q: When might an accountant use cash basis accounting without violating generally accepted accounting principles?
A: In cash-basis accounting, companies record expenses in financial accounts when the cash is actually laid out, and they book revenue when they actually hold the cash in their hot little hands or, more likely, in a bank account. [ For example, if a painter completed a project on December 30, 2003, but doesn't get paid for it until the owner inspects it on January 10, 2004, the painter reports
those cash earnings on her 2004 tax report. In cash-basis accounting, cash earnings include checks, credit-card receipts, or any other form of revenue from customers. Smaller companies that haven't formally incorporated and most sole proprietors use cash-basis accounting because the system is easier for them to use on their own, meaning they don't have to hire a large accounting staff. source: accounting for dummies ]
sharpies|Points 8877|
Question
Asked 8/9/2013 11:55:10 AM
0 Answers/Comments
Get an answer
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
26,655,462 questions answered
Popular Conversations
What is 3x3 11x2 26x 30 divided by x 5?
Weegy: 3X3 = 9 11X2 = 22 26X30 = 780
2/20/2018 7:03:35 PM| 9 Answers
What is equilibrium?
Weegy: Equilibrium is the state in which market supply and demand balance each other and, as a result, prices become ...
2/21/2018 9:09:11 PM| 3 Answers
Solve this equation: 80 = 3y + 2y + 4 + 1. A. y = 1/5 B. ...
Weegy: 80 = 3y + 2y + 4 + 1 80 = 5y + 5 80 - 5 = 5y -5y = -75 y = 15 User: Solve the inequality: 12p + 7 > 139 ...
2/14/2018 2:20:46 PM| 3 Answers
Solve the equation: 12y = 132. A. y = 11 B. y = 144 ...
Weegy: 12y = 132 User: Solve this equation: 2s + s + 12 = 132. A. s = 40 B. s = –30 C. s = 9 D. ...
2/14/2018 2:32:47 PM| 3 Answers
Which country was first to Settle in the Louisiana area?
Weegy: The first country to settle in the Louisiana area was France.
2/22/2018 10:08:51 PM| 3 Answers
Solve for x. 4x + 3 < 9
2/18/2018 11:19:06 AM| 3 Answers
Simplify and solve this equation for q: 3q + 5 + 2q – 5 = 65. ...
Weegy: 3q + 5 + 2q - 5 = 65 User: Solve the following inequality: 38 4 B. x 28 Weegy: 38 User: Use an ...
2/19/2018 12:26:32 AM| 3 Answers
Alcohol can increase __________.
Weegy: blood pressure to unhealthy levels User: Alcohol can increase __Reaction________?
2/20/2018 4:50:54 PM| 2 Answers
Solve this inequality: 3b – 7
Weegy: 3b - 7 User: What's the simplified form of 2x + 3 x + 5?
2/20/2018 5:10:39 PM| 2 Answers
Identify the coefficient of 17xy3z12
Weegy: The coefficient of 17xy^3z^12 is 17. User: Solve this inequality: 3p – 16 Weegy: 3p ? 16 User: Identify ...
2/20/2018 5:15:23 PM| 2 Answers
Which one of the following diseases is caused by a virus? a. Strep ...
Weegy: Strep throat is caused by a virus.
2/20/2018 9:41:58 PM| 2 Answers
Weegy Stuff
S
L
Points 404 [Total 407] Ratings 13 Comments 244 Invitations 3 Offline
S
Points 89 [Total 89] Ratings 0 Comments 19 Invitations 7 Offline
S
P
L
P
P
Points 65 [Total 258] Ratings 0 Comments 65 Invitations 0 Offline
S
1
L
L
P
R
P
L
P
P
R
Points 57 [Total 12668] Ratings 0 Comments 57 Invitations 0 Offline
S
P
Points 41 [Total 85] Ratings 1 Comments 31 Invitations 0 Offline
S
P
Points 16 [Total 33] Ratings 0 Comments 16 Invitations 0 Offline
S
Points 16 [Total 16] Ratings 0 Comments 16 Invitations 0 Online
S
Points 13 [Total 13] Ratings 1 Comments 3 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
S
Points 10 [Total 11] Ratings 1 Comments 0 Invitations 0 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.