The primary difference between accrual-basis and cash-basis accounting is: Multiple Choice Accrual-basis accounting is not part of generally accepted accounting principles (GAAP). Under accrual-basis accounting, an attempt is made to record economic events as they occur, regardless of when cash is received or paid. Cash-basis accounting is allowed for financial reporting purposes but not accrual-basis accounting. Adjusting entries are only a necessary part of cash-basis accounting.

The primary difference between accrual-basis and cash-basis accounting is: Multiple Choice Accrual-basis accounting is not part of generally accepted accounting principles (GAAP). Under accrual-basis accounting, an attempt is made to record economic events as they occur, regardless of when cash is received or paid Cash-basis accounting is allowed for financial reporting purposes but not accrual-basis accounting Adjusting entries are only a necessary part of cash-basis accounting