In Unit 3 we learn about recognition of revenue and expenses, and the proper timing of their recording in the firm's accounting records.

For those of us accustomed to thinking of revenue and expense occurring at the time payments are made and money changes hands, this may be a new and unfamiliar concept - but it is an important one.

Discuss the difference between accrual basis accounting and cash basis accounting. Please remember to create your submission in your own words. Feel free to include brief quotes from your sources (with citations) but do not copy and paste from the source material.