Conduct internet research on cash vs accrual basis of accounting
Conduct internet research on “cash vs accrual basis” of accounting and find an article that compares both of these methods:At the end of an accounting period, all businesses close their books to begin the new accounting period. Many small businesses choose the cash basis of accounting instead of the accrual basis because it simplifies the whole accounting process, as fewer adjusting entries are required.
Conduct internet research on “cash vs accrual basis” of accounting and find an article that compares both of these methods. Share with your classmates some details about the article. Besides simplifying the accounting process, why do many small businesses prefer the cash basis over the accrual basis of accounting? Why do you think generally accepted accounting principles require the accrual basis to be used?
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