Answer 2 questions and respond to 6 posts
April 28th, 2022
***I will send the posts that need responses via email later in the week.***
Question#1 (one page)
The timing of recording financial transactions is important. Explain the difference between cash and accrual basis of accounting in terms of when transactions are recorded. Is one more beneficial than the other? Explain your answer.
Question#2 (one page)
Describe the three-line items of the multistep income statement. Explain why it would be important for a company to break out its income in this manner.