The Closing Process: At the end of an accounting period, businesses close their books to begin the new accounting period. Many small businesses choose the cash basis of accounting instead of the accrual basis because it simplifies the whole accounting process, as fewer adjusting entries are required.Conduct internet research on "cash vs accrual basis" of accounting and find an article that compares both of these methods. Share with your classmates some details about the article.

Why do you think generally accepted accounting principles require the accrual basis to be used?