Please answer the following questions in detailed responses.
Task: Fundamentals of Financial Accounting
Question 1: Define accrual accounting and contrast it with cash basis accounting.
Question 2: What four conditions must normally be met for revenue to be recognized under accrual basis accounting?
Financial Accounting: Tools for Business Decision-Making
Question 3: Identify and state two generally accepted accounting principles that related to adjusting the accounts
Question 4: What accounts does a company debit and credit in a prepaid expense adjusting entry?
Question 5: Explain the differences between depreciation expense and accumulated depreciation.
Question 6: What accounts are debited and credited in an unearned revenue adjusting entry?