Posted: June 4th, 2016
1 Rick Marsh, a lawyer, accepts a legal engagement in March, peforms the work in April, and is paid in May. If Marsh s law firm prepares a monthly financial statements, when should it recognize revenue from this engagement and why?
2 Why do accrual basis financial statements provide more useful information than cash basis statements?
3 Distinguish between the two categories of ajdusting entries, and identify the types of adjustments applicable to each category.
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