Question: What is accrual accounting? Why do generally accepted accounting principles require accrual accounting? What is the difference between accrual and cash accounting? When might an

What is accrual accounting? Why do generally accepted accounting principles require accrual accounting? What is the difference between accrual and cash accounting? When might an accountant use cash basis accounting without violating generally accepted accounting principles?

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The two main methods of recording accounting transactions are cash basis accounting and accrual basis accounting Each method has both advantages and disadvantages However only one method is approved b... View full answer

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