Accounting Method Assignment

Chapter 2, Question 2 IS MARCH Restaurant revenue generated Restaurant revenue received Cost of food sold Percent of cost of food paid to supplier Salaries and wages Percent of salaries and wages paid Utilities expense paid Prepaid maintenance expense Marketing expense paid Rent expense paid $ 45,000 30,000 14,000 60% 13,000 50% 600 200 450 6,000 $ $ $ Lisa's Accrual Accounting ($) Laura's Cash Accounting ($) REVENUE EXPENSES Cost of Food Sold Salaries and Wages Utilities Maintenance Marketing Rent NET PROFIT OR (LOSS)

a. Which accounting method, Lisa's accrual accounting or Laura's cash accounting, shows a higher net profit? Answer:

b. Which accounting method shows the most accurate amount of money on hand to pay bills? Answer:

c. Which accounting method most accurately shows the revenues C. Which accounting method most accurately shows the revenues generated regardless of when they were received? Answer:

d. Which accounting method most accurately shows the expenses incurred regardless of when they were paid? Answer:

e. Which accounting method most accurately shows actual cash inflows and outflows? Answer:

f. Which accounting method shows the most accurate reflection of their restaurant's true profitability? Answer:

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