Imagine that you opened a restaurant in your hometown and you decided to take the knowledge and skills you learned in this class and be your own accountant. Discuss whether you would prefer to keep your accounting records on a cash basis or an accrual basis. As part of the discussion, explain how and why you selected one basis over the other.

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In accounting there are two principal methods of tracking the organizations income and expenses These accounting methods are cash method and the accrual method sometimes called cash basis and accrual ... View the full answer