Week Three Reflection Summary

ACC/290

University of Phoenix

Week Three Reflection Summary

The knowledge of the team members continue to expand in accounting in week two. The team members gain knowledge on the difference between the accrual and cash accounting, creating adjusting entries, and preparing an adjusted trial balance.

The difference between the two types of accounting begin when the accountant record revenue and expenses. In accrual basis accounting the individuals report income in the fiscal period the transaction take place regardless they received cash, and the accountants deduct expenses in the fiscal period that they incur whether or not they paid for it.

In cash basis accounting, accountants record revenue when they receive cash, and they record expenses when they...