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The primary difference between the accrual basis and the cash basis of accounting is: (You may select more than one answer. Sing

erastovalidia [21]

Answer:

Both of these answers are the primary differences.

1.The accrual basis records revenues when services or products are delivered and records expenses when incurred.

And

2.The cash bases records revenues when cash is received and records expenses when cash is paid.

Explanation:

Under the cash basis, entries in the book of accounts are made when cash is received or paid and not when the receipt or payment has become due.

While

Under the accrual basis, however, revenues and costs are recognised in that period in which they occur rather when they are paid

Accrual basis is more generally accepted than cash basis, as it gives a truer image of enterprise performance in an accounting period.

3 0

3 years ago

Southland farm sold ten september futures contracts on wheat. Southland farm will:______.

Oliga [24]

Southland farm sold ten September futures contracts on wheat. Southland farm will: both receive payment and deliver in September. Option A. This is further explained below.

<h3>What is the payment?</h3>

Generally, the act or process of making a monetary contribution to someone or something, or of receiving a monetary contribution.

In conclusion, Wheat futures contracts were sold by Southland Farm for 10 contracts in September. September will be a busy month for the Southland farm, with both payments and deliveries.

Read more about payment

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8 0

2 years ago

Oakmont Company has an opportunity to manufacture and sell a new product for a four-year period. The company�s discount rate is

Lelu [443]

Answer:

NPV = 35,660.291

Explanation:

NPV = PV of cash flow + PV at project end - investment - overhaul

.17 discount rate

275,000

86,000

<em>Investment 361,000</em>

420,000

-205,000

-87,000

128,000 net cash flow

PV of cash flow

$C * \frac{1-(1+r)^{-time} }{rate} = PV\\$

$128,000 \times \frac{1-(1.17)^{-4} }{0.17} = PV\\$

overhaul

-10,000 overhaul in year 2

$\frac{Nominal}{(1 + rate)^{time} } = PV$

$\frac{-10,000}{(1.17)^{2} } = PV$

At end of project

+86,000 working capital

+13,000 salvage value

99,000 at project end

PV at project end

$\frac{Nominal}{(1 + rate)^{time} } = PV$

$\frac{99,000}{(1.17)^{4} } = PV$

NPV = PV of cash flow + PV at project end - investment - overhaul

NPV = 351,134.081 + 52831.35 - 361,000 -7305.14

NPV = 35,660.291

5 0

3 years ago

Suppose that on your 21st birthday you are given a $1,000,000 trust fund. What interest rate must you earn to ensure that if you

MakcuM [25]

Answer:

The correct answer is 5%.

Explanation:

According to the scenario, the given data are as follows:

Annual withdrawal = $1,000,000

Annual withdrawal = $50,000

So, we can calculate the interest rate by using following formula:

Interest rate = Annual withdrawal ÷ Annual withdrawal

by putting the value in the formula, we get

Interest Rate = $50,000 ÷ $1,000,000

= 0.05

Or 5%

Hence, the Interest rate should be 5%.

8 0

4 years ago

To prepare for a trial between SmartPhones, Inc., and TechApps Company, TechApps' attorney places SmartPhones' chief executive o

katrin [286]

Answer:

A deposition

Explanation:

Deposition is the term under the law of the US (United States), which is defined as it involve the taking of sworn, oral testimony in the out of court, to witness that it might reduce to a transcript which is written for the later use in the court or for the motive or the purpose of the discovery.

Therefore, a deposition is required to prepare for the trial among the companies so that the court official make a record of the questions of the attorney and the answers of the CEO.

5 0

3 years ago