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Accrual Versus Cash method of Accounting
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In this module, we learned the differences between accrual-basis accounting and cash-basis accounting. Additionally we explored how events are treated differently under the two methods. For this weeks discussion you must select one of the following topics as your initial response. In addition to your initial response, please be sure to respond to at least two other students initial responses as well. Topic Choices:
Describe how you can apply the concepts of accrual and cash accounting to your personal life or professional career.
Share with the group any aspects of these concepts that you find confusing or need clarified.
Pick an example transaction and share with the group how it would be accounted for under both the accrual method and the cash methods of accounting.
This discussion will address the following Module Outcomes:
MO1-1: Apply the fundamental concepts and principles in accounting. (CO1)
MO1-2: Apply the primary financial accounting equation and its components. (CO1)
MO1:3: Apply the rules of debit and Credit (CO1)
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