In the context of proper accounting practices, identify a major difference between cash-based and accrual-based accounting systems. Group of answer choices Cash-based systems must be used by large businesses, whereas accrual-based systems must only be used by the smallest businesses. Cash-based systems are generally used with periodic inventory counting systems, whereas accrual-based systems are used primarily with perpetual inventory counting systems. Cash-based systems recognize revenue as it is generated, whereas accrual-based systems record revenue only when it occurs. Cash-based systems are mostly used by publicly held corporations, whereas accrual-based systems are mostly used by privately held corporations

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The major diff... View the full answer