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Lilit [14]
2 years ago
8

Differentiate between cash-basis accounting and accrual-basis accounting. Why is accrual-basis accounting the preferred method f

or most businesses? The Internal Revenue Service requires all companies with sales over $5,000,000 to use the accrual-basis of accounting for income tax reporting purposes. Why
Business
1 answer:
Umnica [9.8K]2 years ago
8 0

Answer:

Reason : To ensure constant flow of cash

Explanation:

<u>Accrual Basis of accounting</u> records transactions when they meet definition and recognition criteria of Assets, Liabilities,Equity, Expense and Incomes.

This is different from<u> cash-basis accounting</u> which records transactions at the receipt or payment of cash.

Because of <em>timing</em> difference, the cash transactions (cash basis) can happen a late than the day of recognition of the elements (accrual basis).

Hence Revenue services demand that income tax be calculated on accrual basis to ensure a constant flow of cash whenever an entity transact.

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For a single-server queueing system, which of the following is TRUE? A high utilization factor will result in a system that perf
ankoles [38]

Answer:

II only. A high utilization factor will result in a system that performs poorly is TRUE for a single-server queueing system. As it states that when designing a single-server queueing system, beware that giving a relatively high utilization factor (workload) to the server provides surprisingly poor measures of performance for the system.

True that queueing models enable finding an appropriate balance between the cost of service and the amount of waiting.

Explanation: RATE BRAINLIEST PLEASE

8 0
3 years ago
If sales are $1,150,000 in 2016 and this represents a 15% increase over sales in 2015, what were sales in 2015?
frutty [35]
Take $1,150,000 multiply by 15% to get the money increase between 1 years which is $172500 then take $1,150,000 subtract by $172,500 to get the final sales in 2015 which is $977,500
5 0
3 years ago
Assume you had determined that John Firestone, vice president of Pierce Chemicals, was a prospect for your paper and metal conta
Nuetrik [128]

Answer: Please refer to Explanation.

Explanation:

1. Honesty.

State the purpose of your call to the secretary and sell your product. For instance, " Hello, my name is Mr. Petal and I represent a fast rising Paper and Metal Container company. After researching about your company, I felt it most expedient to get in touch with Mr. Firestone as I believe this is business he will be interested in. We offer perks that are unmatched in the industry".

2. Persistence.

You can be persistent on the phone if you detect deceit in the secretary's tone.

For instance,

" Having been in the chemical industry myself, I know such an opportunity does not come often and I really do guarantee that we give the best benefits in the industry. If you can, just let me talk to Mr. Firestone, I promise that neither of you will regret it".

If it still doesn't work, ask for a convenient time you can call back.

4 0
2 years ago
Calvin works in the accounting department for a textbook publishing firm preparing budgets and reporting production costs. What
Anarel [89]

Answer:

The answer is "managerial accountant".

Explanation:

The economic circumstances collect and earned value collection of data, evaluating and presenting financial information for the organization or the management team of the company. These statistics will then be used to make sensible financial decisions that really can benefit the overall growth of the organization.

Managers were employing company and organizational accounts to monitor internal financial processes, revenue, spending, and budget, submit reports, determine past trends and forecast future needs, and aid economic decisions.

5 0
3 years ago
Which program provides lump-sum compensation and health benefits for eligible Department of Energy nuclear weapons workers injur
pickupchik [31]

Answer: Energy Employees Occupational Illness Compensation Program (EECICP)

Explanation:

Much like private companies, the Federal government is also required to insure its workers and this is regulated under the Office of Workers' Compensation Programs (OWCP). There are several compensation programs but the relevant one here is the EECICP.

The EECICP is for federal employees in the Department of Energy as well as agencies related to them. This also includes contractors and subcontractors. Under this program, eligible workers who got injured are entitled to a lump-sum compensation as well as health benefits. If the worker dies as a result of the injuries however, a lump-sum might go to their survivors instead.

8 0
2 years ago
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