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Compare and contrast cash basis accounting and accrual basis accounting? Why does GAAP require the use of the accrual basis? Provide an example of a

Compare and contrast cash basis accounting and accrual basis accounting?

Why does GAAP require the use of the accrual basis?

Provide an example of a transaction that would be accounted for differently using the cash and accrual basis. Explain how we would account for the transaction under each method.

ANSWER IN WORD FORMAT A ORIGINAL SOURCE NOT USED BEFORE NOT ATTACHMENT PLEASE AND ANSWER THROUGHLY. THANK YOU.

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