I have a few questions. What is the most fundamental lesson in which the accounting profession is built off of? I think its GAAP but Im not 100%.

If an Accounts receivable account is not eventually converted into cash, what happens the amount of money in the account after a pre-determined period of time?

Is it possible to make a lot of sales ,pay minimal expense, and still go bankrupt?

Do most businesses practice Accrual base or cash base Accounting?