Learning Team Reflection Paper ACC/290: Principles of Accounting I University of Phoenix

Learning Team Reflection Paper During our second week of class, we learned about the types of accounting and the steps of the accounting cycle. We also learned how to create adjusting entries and how to prepare an adjusted trial balance. Accrual Basis and Cash Basis Accounting There are two types of accounting, cash-based and accrual-based. The difference between the two is based on when the company chooses to account for when cash is received. Using cash-basis accounting, financial entries are made based on when the money is received or paid. While cash-basis accounting does provide an exact view of cash flow, it does not comply with Generally Accepted Accounting Principles...