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ACC Unit 3 Discussion - Cash-basis accounting and Accrual-basis accounting

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Question;Unit 3 Discussion:Differentiate between cash-basis accounting and accrual-basis accounting. Why is accrual-basis accounting the preferred method for most businesses? The Internal Revenue Service requires all companies with sales over $5,000,000 to use the accrual-basis of accounting for income tax reporting purposes. Why?

 

Paper#38615 | Written in 18-Jul-2015

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