tailieunhanh - Accrual Accounting - Methods of Accounting
Independent, private-sector organization whose trustees appoint the members, provide funds, and exercise general oversight of the Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB), and their respective advisory councils. Official promulgations by the Financial Accounting Standards Board and, if not superseded, part of generally accepted accounting principles. The primary function of FASAC is to advise the Board on issues related to projects on the Board’s agenda, possible new agenda items, project priorities, procedural matters that may require the attention of the FASB, and other matters as requested by the chairman of the FASB | Accrual Accounting Methods of Accounting Cash - Record revenue when cash is received - Record expense when cash is spent Accrual - Expenses spread over the time of benefit . fiscal year - Revenues matched to expenses Cash Entries Receive paycheck - Debit Cash increases Cash - Credit Revenue increases Revenue which increases Net Assets Pay electric gas bill - Debit Utilities increases expense which decreases Net Assets - Credit Cash decreases Cash
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