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Hsm 260 Week 2 Ch 1

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Submitted By dbryant1188
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1) Accrual accounting “means that transactions are recognized (recorded) when revenues are earned and when expenses are incurred” (Martin, 2001) the text explains accrual accounting provides a more complete financial picture of a human service agency.
2) Cash method accounting “means that transactions are recognized (recorded) only when cash is received (when revenues are actually received) and only when cash is paid out (when expenses are actually paid)” (Martin, 2001). The text explains that this method is often used, but is not the most accurate method that should be used in a human service agency.
3) A: Recorded using accrual method “Accrual accounting means that transactions are recognized (recorded) when revenues are earned and when expenses are incurred” (Martin, 2001) Accrual accounting gives a human service agency more information and less room for mistakes to be made.
B: Recorded using cash method “Only cash in and cash out transactions are recognized (recorded) under cash accounting” (Martin, 2001) when a human agency uses cash accounting it leaves more room for mistakes to be made because not always will all the information be accurate.
4) Revenue recorded equal the cash received, from my understanding of the text that in accrual accounting all revenue earned and expenses are recorder, and in cash accounting then the cash is recorded so I would answer the question as no accrual accounting revenue recorded is not equal to cash received.
5) Statement of cash flow “provides (a) an accounting of the cash that came into and went out of a private nonprofit human service agency during the fiscal year or other accounting period and (b) identifies how much uncommitted cash (cash that is not restricted for specific purposes) the agency has. The purpose of the statement of cash flows is to determine if a private nonprofit human service agency is…...

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