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*There are two of accounting: cash basis and accrual basis. Personal finance often focuses on the cash basis, whereas corporate accounting focuses on the accrual

*There are two of accounting: cash basis and accrual basis. Personal finance often focuses on the cash basis, whereas corporate accounting focuses on the accrual basis, as presided by U.S. Generally Accepted Accounting Principles (GAAP). Furthermore, tax filers focus on the modified accrual basis. * If you were about to select the basis of accounting for your organization, which basis would you select, and why

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