Accounting: Accrual Basis, Bank Statement, Delinquent Account, Ethical Principles, Policies and Process, File Name, Spreadsheets

Running head: ACCOUNTING
Accounting
Name of the Student
Name of the University
Authors Note
Course ID

1ACCOUNTING
Table of Contents
Answer to Question 1:................................................................................................................2
Answer to question 2:.................................................................................................................2
Answer to question 3:.................................................................................................................2
Answer to question 4:.................................................................................................................3
Answer to question 5:.................................................................................................................3
Answer to question 6:.................................................................................................................4
Answer to question 7:.................................................................................................................4
Answer to question 8:.................................................................................................................4
References:.................................................................................................................................6

2ACCOUNTING
Answer to Question 1:
Under the accrual basis of accounting, expenditure is matched with the related
revenues and are when the expenditure occurs and not when the cash is paid. The revenues
are recorded under accrual method when it is earned (Ball et al. 2016). The difference
between the cash and accrual method remains in the timing of recognizing the revenue and
expenditure. The cash method of accounting is based on the more instant identifying of
revenue and expenses whereas under the accrual method of accounting it only focuses on
expected revenue and expenditure.
Answer to question 2:
Bank statement can be defined as the report that is released by bank to its customers
that detailing the history of transaction for a defined period. These statement comprises of
information relating to debits and credits on the bank account. The bank statement helps in
recognizing the difference between the current interest rate, yearly percentage yield and
assessed fees (Law 2018). This helps the customers in providing the clear picture of their
account value. The bank statement offers sum of all the payments that have been cleared and
distinctly the total of all deposits that are cleared. The account reconciliation form helps in
comparing the values of payments and deposits. If there is no match in the values, then the
discrepancy can be found in either payment or deposits.
Answer to question 3:
To identify the delinquent account a person should have the system of tracking
accounts. This can be done by entering the information of all clients into the computer when
purchase is made by them or preserving the trial paper of all the customer sales and when it is
paid (Miller-Nobles, Mattison and Matsumura 2016). On noticing that the client has not made