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University of Canterbury, Christchurch

ACCT102 tutoring at UC

Accounting and Financial Information

Accounting, 100-level

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Read profit and cash flow together

ACCT102 introduces financial reports from the reader’s point of view, alongside management accounting and business finance. A useful habit is to ask what a number tells you before reaching for a formula.

Practice prompt: a business makes a sale on credit this month but receives the cash next month. What might happen to reported profit and cash this month?

  1. Write down when the sale was earned and when the customer pays.
  2. Separate the effect on the income statement from the effect on cash.
  3. Explain the difference in one sentence, then check it against the reports.

Check your reasoning

Under accrual accounting, the sale can increase this month’s revenue and profit, after any related expenses, even though the customer has not paid yet. Cash does not rise this month; a receivable does. When the customer pays next month, cash rises and the receivable falls without recording the same sale again.

An original practice prompt, not a UC assessment question. Topics checked against the UC course description.

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