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Federal government on the accrual basis of accounting.

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E3-2 On numerous occasions, proposals have surfaced to put the federal government on the accrual;basis of accounting.This is no small issue. If this basis were used, it would mean that billions in;unrecorded liabilities would have to be booked, and the federal deficit would increase substantially.;Instructions;(a) What is the difference between accrual-basis accounting and cash-basis accounting?;(b) Why would politicians prefer the cash basis over the accrual basis?;(c) Write a letter to your senator explaining why the federal government should adopt the;accrual basis of accounting.

 

Paper#26969 | Written in 18-Jul-2015

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