Answer:
b The accrual basis records revenues when services or products are delivered and records expenses when incurred; AND -
d. The cash bases records revenues when cash is received and records expenses when cash is paid
Explanation:
Accrual basis of accounting states that transactions are recorded based on when they are entered into, irrespective of the cash exchange done or not. Revenues are recognised when buyer's liability to pay has been established, expenses are recorded when our liability to pay has been established. Debtors & Creditors, outstanding & prepaid expenses, accrued & prepaid income are all implications of this basis.
Cash basis of Accounting states that transactions are recorded based on when cash exchange has occurred. 'Liability to pay' or 'obligation to receive' have no relevance in this, it is only evaluated on the basis of cash transactions. 4 implications given in accrual basis are also inapplicable here.
Accrual basis is the more generally accepted one than cash basis, as it gives a true picture of enterprise performance in an accounting period.
Answer:
Accounting entity concept:
The basic idea behind this concept is that business and the owner are two different entities. Their transactions are to be recorded separately.
Going concern concept:
The concept is to have a view that the company is going to stay solvent in the future. That is we will have another accounting year in the future unless and otherwise we have evidence to the contrary.
Cost-benefit constraint:
It limits the amount of time to research the cost of an event if its benefits outweighs. In case of an immaterial event if its cost outweighs the benefits then that event can be forgone.
Expense recognition (matching principle):
The matching principle states that all the expenses are to be recorded based on the year they have been incurred rather than on the time they are paid.
Materiality constraint:
It states that any event that changes or effects the decision making of the user of financial statement should be recorded and vice versa.
Revenue recognition principle:
It states that the revenue is to be recorded in the period in which it has been incurred instead when it is collected. Accrual basis gives a more clear picture of the performance of the company.
Full disclosure principle:
It requires to disclose any information to be mentioned in the foot notes of the financial statements of the company that might affect the user of financial statement. This helps in identifying the methods used for accounting practices and any event that might effect the organisations future existence.
Cost principle:
To record the transactions based on their historical costs rather than making adjustments for fluctuations in market place.
The answer is "<span>They focus more on products than the customer's underlying need.".
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Marketing Myopia is marketing term as it shows by its name, referred to short-sighted and inward looking way to deal with promoting that spotlights on the requirements of the organization as opposed to characterizing the organization and its items as far as the clients' needs. It brings about the inability to check and accommodates to the quick changes in their business sectors or markets.
A. Personal
Personal accountant: A person who has the requisite skill and experience in establishing and maintaining accurate financial records for an individual or a business.
The answer that fits the given blank above is the term CROWDSOURCING. When we say crowdsourcing, this is the process or the ability to obtain or gather information that would be later used for a certain project or task. This involves a large number of people and typically asking their preferences and opinions.
