20 Aug Discussion Topic 1 Financial Reporting
After studying the reading material for the week, respond to the following in a minimum of 250 words:
ACCRUAL VS CASH ACCOUNTING
Please watch the following videos and discuss this topic:
Discuss the timing difference on revenue and expense recognition between cash-based and accrual-based accounting by citing a specific transaction as an example. How does this issue impact financial reporting (FASB) and tax reporting (IRS)?
https://www.youtube.com/watch?v=mAEscMr5IMA
https://www.youtube.com/watch?v=7pnaKLIUfsc
https://www.youtube.com/watch?v=e-U-e4qxtzo
Discuss the role and responsibilities of a CPA.
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