Discuss the key differences between cash and accrual accounting? Explain why most health entities use accrual accounting.
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Question:
Discuss the key differences between cash and accrual accounting? Explain why most health entities use accrual accounting.
- What is the matching principle? Explain and detail what methods of accounting and what types of assets most easily conform to the matching principle.
- What is the revenue recognition principle?
- What are Generally Accepted Accounting Principles (GAAP)? Why are they important?
- What is a "qualified opinion" in an external audit? Is this good for the firm? Why?
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