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Accounting Quiz Questions and Answers: The Basic Accounting Equation. Accounting questions and answers aim to help students to understand the basic accounting equation. Accounting test with answers. Accounting quiz with answers.
Test your knowledge in accounting with a series of multiple choice questions with answers
#accounting#testyourknowledge
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There are 2 different accounting methods: Cash Accounting and Accrual Accounting. In this video I will show you the difference between accrual basis versus cash basis of accounting by telling you a story. You will get a quick overview how each of these methods impacts the timing of recording a company’s transactions.

In Cash Accounting companies record transactions only when cash is exchanged. This means that revenue is recorded only when cash is received. And expenses are recorded only when cash is paid. Therefore, this method is intuitive and simple to understand. It helps you keep track of your cash balance, easy to apply, and an accepted accounting method also for tax purposes. Cash accounting method can be your accounting method of choice especially if your business is small and simple, and mainly cash based. On the other hand, cash accounting may not provide a full picture of the business at a certain point in time.

In Accrual Accounting companies record transactions when they happen rather than when cash changes hands. Revenue is recorded when earned, meaning when a sale is made and the products or services are delivered to the customer. Even if the customer hasn’t paid yet. Expenses are recorded when incurred regardless even if they’ve not been paid to the supplier yet. Accrual Accounting provides a much better picture of what is happening in a business. If the company reports under GAAP or IFRS then Accrual Accounting is the accepted method. However, it does not focus on cash flows which is why reported income under this method does not equal cash-in.

00:56 What is Cash Accounting
02:38 Accrual Accounting Explained
03:27 Cash and Accrual Accounting explained with a Story
09:13 Advantages and Disadvantages for both methods

Check out the full article here: https://www.xelplus.com/cash-vs-accrual-accounting

In the next video of our accounting basics series, we’ll take a look at the Cash Flow Statement.

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#Accounting
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Cash Accounting is an over-simplified method of Accounting and often used by small businesses. The proper GAAP-accepted method is the Accrual Accounting. In this video we dive into an example business, examine its transactions, record the journal entries, and then see the IMPACT Cash Accounting has on the presentation of the Income Statement as proof it’s a misleading method of Accounting.

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💥T-Accounts Cheat Sheet → https://accountingstuff.com/shop

Accounting Basics Lesson 3 – T Accounts Explained. This episode of Accounting Basics for Beginners will give you the full run down of how T Accounting works and why they are so useful in visualising accounts. T Accounting made easy is Accounting Basics Lesson 3 and will each you an easy way to learn T Accounting.

What is a T Account and why are they used? You’ll get the answers to these questions in this video, along with 5 examples to help you understand T Accounting.

T Accounting made easy so you’ll be able to use them in practice and get value out of them when studying accounting. Debits and Credits in a T Account don’t have to be daunting. This video will show you the easy explanation of the T Account to help you with you studies.

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⏱️TIMESTAMPS
00:00 – Intro
01:03 – What is an Account?
01:13 – What is a T-Account?
01:35 – What is the General Ledger?
01:43 – What does a T-Account look like?
02:07 – Simple way to remember Debits and Credits
02:35 – How does a T-Account work?
03:59 – Why do we use T-Accounts?
04:30 – What is Double-Entry Bookkeeping?
05:12 – T-Account Examples and Solutions
10:04 – Recap

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L$ D TikTok Dance Challenge Compilation
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Business Q+A
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Best printer, am I happy after quitting my job, copyrights, and more!

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Fly Ry gets Stimulated with this Money design hair braiding tutorial.

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We invited all our North England Prestige Awards 2020/21 winners to Blackwell Grange Hotel on the 21st & 22nd April 2021 to celebrate their win, meet the judges and take a photo with the winner’s trophy.

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I’ve been singing this nonstop around the house so I have to get it off my chest. Please enjoy! COMMENT RATE SUBSCRIBE!
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ABBA Money, Money, Money
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