fb
$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

ACCT 401 Advanced Accounting

tag 0 Download2 Pages / 431 Words
  • Course Code: ACCT401
  • University: University Of San Diego

    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: United States

Question:

You have recently been hired by Davis & Company, a small public accounting firm. One of the firm's partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city's largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company's records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: "After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my building and equipment as assets and depreciate them. I just don't understand the problem."

Draft a memo to the client to explain the importance of accrual based financial statements, make sure you: explain the difference between a cash basis and an accrual basis measure of performance, describe why, in most cases, accrual basis net income provide a better measure of performance than net operating cash flow, and explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.
Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Upload
Unique Document

Document
Under Evaluation

Get Money
into Your Wallet

Total 2 pages

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2021). ACCT 401 Advanced Accounting. Retrieved from https://myassignmenthelp.com/free-samples/acct401-advanced-accounting/accrual-based-financial-system.html.

My Assignment Help (2021) ACCT 401 Advanced Accounting [Online]. Available from: https://myassignmenthelp.com/free-samples/acct401-advanced-accounting/accrual-based-financial-system.html
[Accessed 30 November 2021].

My Assignment Help. 'ACCT 401 Advanced Accounting' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/acct401-advanced-accounting/accrual-based-financial-system.html> accessed 30 November 2021.

My Assignment Help. ACCT 401 Advanced Accounting [Internet]. My Assignment Help. 2021 [cited 30 November 2021]. Available from: https://myassignmenthelp.com/free-samples/acct401-advanced-accounting/accrual-based-financial-system.html.


Writing compelling content for an essay with appropriate validations is difficult. If you have no idea on how to write an essay fast, then seeking essay writing help from us is the wisest decision. If you want to do it yourself, feel free to check our ‘samples’ section for well-written college essay examples. You will be impressed with the quality of the essays. Our qualified experts incorporate interesting data as well as abide by the perfect formatting styles. For help with writing an essay, get in touch with us right away.

Latest Accounting Samples

BAO2203 Corporate Accounting

Download : 0 | Pages : 12
  • Course Code: BAO2203
  • University: Victoria University

    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: Australia

Answers: Part I   Percentage increase in the Gross profit Bellamy’s Australia Ltd posted a strong gross profit margin in 2016 as compared to the year 2015. An increment of 12.79% has been observed indicating a strong level of sales and strong control over the cost of goods sold.  This ratio is a strong indicator of the performance and going by the result it can be said that the operations of the company are managed i...

Read More arrow Tags: Australia Albanvale Accounting BAO2203- Corporate Accounting University of Queensland MBA 

ACCT6007 Financial Accounting Theory And Practice

Download : 0 | Pages : 8

Answer: Introduction The objective of this report is to assess how the capital market participants use operating lease in the off-balance sheet at the time of evaluation of the credit risks of the organizations. The study will focus on the risks that are associated with the operating lease. It will also focus on the accounting information and its treatment in the balance sheet with regard to the operating lease. From the economical aspect, th...

Read More arrow

ACCT 401 Advanced Accounting

Download : 0 | Pages : 2
  • Course Code: ACCT401
  • University: University Of San Diego

    MyAssignmentHelp.com is not sponsored or endorsed by this college or university

  • Country: United States

Answer: To: Mr. Sean Pitt From: Research Analyst of Davis & Company Date: 01/03/2017 Re: Importance of Accrual Based Financial System over Cash Based Financial System Context Line It is true that for operating a business efficiently, cash is the best alternative as this is the simplest and faster way for saving money. However, when a business is ran by “cash” only, the business comes with downsides. It has been found that ...

Read More arrow Tags: United States Dallas Management Governance and Citizenship in Australia - SP5 2014 University of Texas Masters in Business Administration 

ACCT 3010 Sustainability Accounting And Reporting

Download : 0 | Pages : 8

Answers: 1: The oil leak in Gulf of Mexico fired up arguments which were against offshore drilling, which involves a mechanical process whereby a wellbore is drilled below seabed.  The drilling operations have considerable effects that are negative on wildlife and marine. Among other important impacts of drilling that is a threat to sustainability is: Water and Air pollution: Drilling mud has use in lubrication and cooling of drill bit...

Read More arrow Tags: Australia Adelaide Management University of Adelaide Masters in Business Administration 

FACI4024 Financial Accounting

Download : 0 | Pages : 9

Answers: Introduction Unilever Unilever is a multinational company that manages more than 400 brands of FMCG and more than 12 leads to a humongous sale of more than €1 billion in a single year. The formation of Unilever can be traced to the year 1929 and the headquarters is based in Rotterdam, Netherlands. Unilever has various brands under its name such as Persil, Magnum, Sure, Axe, Lipton, etc. With innumerable brand, it got a strong r...

Read More arrow Tags: Australia Saltash Management Financial Accounting University of Queensland MBA 
Next

Content Removal Request

If you are the original writer of this content and no longer wish to have your work published on Myassignmenthelp.com then please raise the content removal request.

5% Cashback

On APP - grab it while it lasts!

Download app now

*Offer eligible for first 3 orders ordered through app!

ribbon
callback request mobile
Have any Query?