For instance, a car that has been sitting in a garage for 20 years may be sold for $10,000, but the new owner will not be able to drive it because it is too old. You can, however, sell your land at a higher price and still get the same amount of money back as …
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To update the balance in Retained Earnings, we must transfer net income and dividends/distributions to the account. By closing revenue, expense and dividend/distribution accounts, we get the desired balance in Retained Earnings. This account is a temporary equity account that does not appear on the trial balance or any of the financial statements. What did …
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By recognizing revenue and expenses differently, you can affect cash flow, profitability assessments, and investment decisions. Timing differences in accounting also play a role in financial decision-making. The recognition of revenue and expenses can affect cash flow and profitability assessments. Accruals involve tracking transactions over time and determining when revenue should be recognized or expenses …
What Are the Key Differences Between Accrual and Deferral? Read More »
