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1. What information do accrual-basis financial statements provide that cash basis statements do not? Can Corporations choose between the cash and accrual basis of accounting

1. What information do accrual-basis financial statements provide that cash basis statements do not? Can Corporations choose between the cash and accrual basis of accounting for financial reporting purposes? Why or why not? 2. Why is the account dividends declared not closed into income summary along with expense accounts?

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