You have just been asked to take over recording the warranties for the company's product. Currently,...
You have just been asked to take over recording the warranties for the company's product. Currently, your company is using the cash basis for recording warranty expenses. Should that method continue to be used or is the accrual method better? Which method is better suited for recording warranties and why do you think it is better? Provide specific details as to why you selected the method you did.
Homework Answers
To fulfill the criteria of matching principle which states that all expenses related to the sales of a product should be recognized in the same period in which revenue from sales is recognized. This can be acheived through accrual method.
In this case, the company is using cash method which will not reflect the and fair view of the financial statements. Hence, it should change to actual method.
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