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The primary difference between accrual-basis and cash-basis accounting is: 1. The timing of when revenues and expenses are recorded 2. Cash-basis accounting is allowed for

The primary difference between accrual-basis and cash-basis accounting is:

1. The timing of when revenues and expenses are recorded
2. Cash-basis accounting is allowed for financial reporting purposes but not accrual-basis accounting
3. Accrual-basis accounting violates both the revenue recognition and matching principles
4. Adjusting entries are only a necessary part of cash-basis accounting

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