ACC 290 Commercial Accounting and Accepted Accounting

Summary

ACC/290

Summary

Describe the difference between commercial accounting and general accepted accounting principles. Describing and explain the difference of the accrual and cash basis of accounting.

Commercial accounting is an accurate reflection of business transacted . Commercial accounting can only be obtained if both cash and credit transactions are performed and recognized and recorded in such a manner that there is no duplication and yet the transactions are recorded under the commercial accounting. It is done in a system known as double entry book keeping or commercial accounting system which records both aspects of transactions. It also records credit transactions in cash accounting date of receipt. In commercial...