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Explain the difference between the accrual basis and cash basis of accounting. What are the advantages and disadvantages of each method?

Explain the difference between the accrual basis and cash basis of accounting. What are the advantages and disadvantages of each method?

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter4: Posting To A General Ledger
Section4.2: Posting From A General Journal To A General Ledger And Proving Cash
Problem 3AYU
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Explain the difference between the accrual basis and cash basis of accounting. What are the advantages and disadvantages of each method?
Transcribed Image Text:Explain the difference between the accrual basis and cash basis of accounting. What are the advantages and disadvantages of each method?
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