SmartAccounting - Petty Cash Advance
Accounting for Beginners #14 / Journal Entry with Cash / Expense
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To see the difference between cash accounting and accrual accounting, I'm going to go through this little example. And first I'm going to account for things using a cash basis of accounting.
Forms. Accountable Plan Exception Request Form Employees must use this form to request an exemption from their Divisional Business Office from the University's Accountable Plan requirements.
Under the cash basis of accounting, business transactions are only recorded when the cash related to them is either issued or received. Thus, you would record a sale under the cash basis when the organization receives cash from its customers, not when it issues invoices to them.
2. Presentation of restricted cash on balance sheet If the restricted cash balance is material, then this balance is shown separately from cash and cash equivalents on the balance sheet.
Prepare a cash flow statement for the year to 31 December 19X5. Statements of source and application of funds. Although cash flow statements have now superseded statements of source and application of funds, funds flow statements may not disappear entirely.