ACC 101

smjackson7
Flashcards by smjackson7, updated more than 1 year ago
smjackson7
Created by smjackson7 about 7 years ago
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Chapter 3: Measuring Business Income: Adjusting the Accounts

Resource summary

Question Answer
Cash Method: Revenue/Gain = _________ in cash
Cash Method: Decreases/Losses = __________ in cash
Accrual Method: Revenues/Gains are recognized when: earned and measurable
Accural Method: Expenses/Losses are recognized when incurred (used a resource to generate revenue)
In general, try to ______ revenues and expenses match
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