ACC 225 Week 3 DQ 1 and DQ 2
For more course tutorials visit www.uophelp.com Discussion Question 1 • Due Date: Day 2 [Main] forum • Post your response to the following: o What is the difference between cash basis and accrual basis accounting? o Why do accrualbasis financial statements provide more useful information than cashbasis financial statements? o Describe when each method (cash basis and accrual basis accounting) would be appropriate to use.
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Discussion Question 1
• Due Date: Day 2 [Main] forum
• Post your response to the following:
o What is the difference between cash basis and accrual basis accounting?
o Why do accrualbasis financial statements provide more useful information than
cashbasis financial statements?
o Describe when each method (cash basis and accrual basis accounting) would be
appropriate to use.
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<strong>ACC</strong> <strong>225</strong> <strong>Week</strong> 3 <strong>DQ</strong> 1 <strong>and</strong> <strong>DQ</strong> 2Click Here to Buy the Tutorialhttp://www.uophelp.com/<strong>ACC</strong>-<strong>225</strong>-/product-11039-<strong>ACC</strong>-<strong>225</strong>-<strong>Week</strong>-3-<strong>DQ</strong>-1-<strong>and</strong>-<strong>DQ</strong>-2For more course tutorials visitwww.uophelp.comDiscussion Question 1• Due Date: Day 2 [Main] forum• Post your response to the following:o What is the difference between cash basis <strong>and</strong> accrual basis accounting?o Why do accrualbasis financial statements provide more useful information thancashbasis financial statements?o Describe when each method (cash basis <strong>and</strong> accrual basis accounting) would beappropriate to use.Discussion Question 2• Due Date: Day 4 [Main] forum• Post your response to the following: The Ritz Manor is a popular seaside resort. Adouble room costs $220 for one night. In order to reserve a room, guests must pay onenight’s stay in advance. On each floor of the hotel, Vendalite Company operates vendingmachines with energy bars, juices, <strong>and</strong> other snacks for guests. Vendalite stocks themachines <strong>and</strong> collects revenue every week. Total average weekly revenue from thesemachines is $720. The Ritz Manor is entitled to 30% of the revenue from the machines.Vendalite sends a check to the Ritz Manor once at the end of each quarter for the resort’sshare of the revenue.o Based on this information, what type of adjusting entries does the Ritz Manor have?o How are the amounts of these adjustments determined?o Which accounts are affected?
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