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Explain the concept of accrual accounting

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Reference no: EM133178845

Questions -

Q1. Explain the concept of accrual accounting.

Q2. Explain the concept of cash accounting.

Q3. Explain why a company may elect to use accrual accounting rather than cash accounting method?

Q4. Explain the difference between an asset and an expense and include an example of each.

Q5. Explain the procedure of Electronic Funds Transfer at Point of Sale (EFTPOS).

Q6. When making a deposit at a bank, identify the proof of lodgement that you need to obtain in order to ensure you are able to trace the deposit if required?

Q7. What additional security measures could a company use when banking a cheque made out to cash, as opposed to a general cheque?

Reference no: EM133178845

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