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Explain accrual cash and modified cash bases of accounting

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Question - Please answer each of the following questions in a short paragraph:

1. Explain the accrual, cash, and modified cash bases of accounting.

2. Compare the methods and demonstrate the similarities, differences, advantages, and disadvantages of each method.

3. Which method seems easiest to work with? Keep in mind not only the ease of recording the transactions but the ease with which the accountant can use the resulting financial information.

4. Which method(s) are approved by GAAP?

Please complete the essay on a Word document and upload it here just as you do with your other assignments. It may be completed in a listing format rather than APA style. Don't forget to use complete sentences and correct spelling and grammar.

Reference no: EM132052539

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