The practice of reporting financial information as a function in today$$s operation of a medical practice is particularly important due to intense demands for fiscal acuity. Therefore, it's important to understand the difference between cash and accrual accounting.

What is the difference between cash$-$basis accounting and accrual accounting? Why select one and not the other? How does each method affect the financial statements?

To support your work, use your course and textbook readings and also use the South University Online Library. As in all assignments, cite your sources in your work and provide references for the citations in APA format.