Due Day 3 Respond to the following in a minimum of 175 words: What is the difference between the cash basis and accrual basis of accounting? Why is the accrual basis of accounting generally preferred over the cash basis? Due Day 7 Reply to at least 2 of your classmates or to the professor. Be constructive and professional in your responses. Be careful not to just agree with another post and repeat what it says. Such posts are not substantive. Try to spend time adding your own perspectives. There is no word count for responses, but they must be more than a couple of sentences.