ACC 497 Individual Assignment Assessed Discussion Questionin Accounting by Chiqa23
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Individual Assignment - Assessed Discussion Question
ACC/497 Advanced Topics in Accounting Research
Use FARS to identify what standard-setters have said as to the superiority of
accrual accounting relative to a cash basis. Do you agree with the justification
offered for accrual accounting? Explain.
Identify which accounting pronouncement specifically observes: "This
Statement relies on a basic premise of generally accepted accounting principles that
accrual accounting provides more relevant and useful information than does cash
Accounting Theory Issue:
When is a "cash-basis method" used within the accounting literature? Do you
view such a method as complementary or preferable to accrual accounting in the
settings you have identified?
Would a cash basis be easier or harder to audit than an accrual basis? Why?
Does FARS suggest the existence of guidance that sponsors the idea that
certain earnings may be accounted for on an accrual basis while the related income
taxes are accounted for on a cash basis?
When did most not-for-profit organizations change from a cash or "modified cash "basis to accrual accounting?