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Accountants are needed in every industry—accounting firms, health, entertainment, education—to keep financial records of all business transactions. An accounting clerk prepares his trial balance as of june 30, 20-and determines that total debits equal total credits he breathes a sigh of relief and informs his boss that his ledger is in balance and that therefore the accounts are correct. Answers scoring under the accrual basis of accounting, a certain expense may be incurred in one period but not entered until the following period _____ _____ although other methods of accounting exist, companies must always use the accrual method _____ _____ the amount of net income will be the same regardless of whether the cash or accrual basis of accounting is used.Download