Accrual basis of accounting from cash-basis

Reference no: EM1355366

Differentiate the accrual basis of accounting from the cash-basis of accounting.

Determine which method is acceptable for most business enterprises and justify your selection.

Contrast the impact of cash versus accrual accounting on net income of a first year business with substantial sales on account and no liabilities.

Determine which method reflects cash available to the business and justify your findings.

Justify why we use the accrual basis of accounting under GAAP if "cash is the real bottom line."

Reference no: EM1355366

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