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Difference between the cash basis and the accrual basis

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Reference no: EM133104702

Question 1 - What is the difference between the cash basis and the accrual basis of accounting? Why is the accrual basis of accounting generally preferred over the cash basis in communicating results?

Question 2 - The closing process is the end of the accounting cycle - what is the closing process? What accounts are affected by closing entries? What accounts are not affected? What two purposes are accomplished by recording closing entries?

Reference no: EM133104702

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