Author Question: ____________________ involves the application of standard review and testing procedures to be ... (Read 151 times)

TVarnum · **on:** Jul 5, 2018

___________________ _ involves the application of standard review and testing procedures to be certain that proper accounting policies and practices have been followed.
Fill in the blank(s) with correct word

Question 2

Explain the difference between accrual basis accounting and cash basis accounting.

dajones82 · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

Auditing

Answer to Question 2

Accrual basis accounting reports revenues and expenses in the period in which the event happened regardless of when cash was received. Cash basis accounting reports revenues and expenses when cash is received or paid.