Question: What is the difference between the cash basis and the accrual basis of accounting?Why is the accrual basis of accounting preferred over the cash basis?Fully

What is the difference between the cash basis and the accrual basis of accounting?Why is the accrual basis of accounting preferred over the cash basis?Fully discuss the periodic and perpetual system inventory systems. Emphasize the difference between them.Describe the recording of credit sales with no discount. Illustrate the proper accounting entries involved in the transaction.Describe the recording of credit sales with discount. Illustrate the proper accounting entries involved in the transaction.

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