Generally accepted accounting principles require the use of accruals and deferrals in the determination of income. Required

Question:

Generally accepted accounting principles require the use of accruals and deferrals in the determination of income.

Required
1. How does accrual accounting affect the determination of income? Include in your discussion what constitutes an accrual and a deferral, and give appropriate examples of each.
2. Contrast accrual accounting with cash accounting.