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ACC 280 Week 2 DQ #2 Cash or Accrual

ACC 280 Week 2 DQ #2 Cash or Accrual

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Which basis of accounting do most companies use, cash or accrual? Why?

Which method is approved by GAAP? Why? What are the positives and negatives of each? Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not? What transactions might fall under a dual method?



There are two ways companies can keep their accounting books - accrual and cash-basis ... For example, if a sale is made in January but payment is not expected until February, the revenue from the sale would be ... Generally Accepted Accounting Principles (GAAP) matching principle, matching revenues ...