But Krauss said that from the moment he and the other scientists arrived on the island, they never saw anything untoward.
COMPANIES THAT FAIL THE $1 MILLION AVERAGE revenue test are not affected by the revenue procedure. For them, determining whether to use the cash or accrual method hinges on two issues: the material income-producing factor test and their type of entity. COMPANIES SELLING MERCHANDISE GENERALLY must use the accrual method to account for purchases and sales.
Cash is credited) on the last day of an accounting period, there is no need for an adjusting entry. However, companies have to accrue interest expense from the most recent payment date to the end of an accounting period if the next payment will be in the next accounting period.