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What is accrual accounting? Why do generally accepted accounting principles require accrual accounting? What is the difference between accrual and cash accounting? When might an accountant use cash basis accounting without violating generally accepted accounting principles?

What is accrual accounting? Why do generally accepted accounting principles require accrual accounting?

What is the difference between accrual and cash accounting? When might an accountant use cash basis accounting without violating generally accepted accounting principles?

What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?

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