Acct Forum
Statement of Financial Accounting Concepts No. 1 states
that one of the objectives of financial reporting is to help “current
and potential investors and creditors (and other users) in assessing the
amounts, timing, and uncertainty of future cash flows such as dividends
or interest payments.” Generally Accepted Accounting Principles (GAAP)
require the use of the accrual basis of accounting.
Explain the difference between the accrual basis and the cash basis of accounting and why GAAP requires the accrual basis.
Your response must be at least 250 words in length.
Need ASAP with citations, will put through plagiarism before full purchase
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