Difference Between a Cash and Accrual Basis of the Accounting System - Accounting and Finance Assignment Help

Assignment Task:

Question.1: Explain the difference between a cash and accrual basis of the accounting system.

Question.2: How do debit and credit transactions affect assets, liabilities, and equity?

Question.3: What is one basic rule of double-entry accounting?

Question.4: What is the general ledger? 

Question.5: Which financial report are the totals from the general ledger then used to prepare?

Question.6: What is a chart of accounts?

Question.7: Give one example for each of these types of costs.

• Direct costs
•  Indirect costs

Question.8: What is the difference between fixed cost and variable costs? Give one example of each.

Question.9: What financial information is reported in an income statement? 

Question.10: How does the information in this report help managers monitor and manage their workplace’s financial activities?

Question.11: Briefly define the following key information contained in a balance sheet.

• Assets
• Liabilities
• Equity

Question.12: What does a cash flow statement do and why is it an essential report?

Question.13: What is a budget? 

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