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The two major basis of accounting are: 1) the cash-basis and 2) the accrual-basis. Generally...

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Accounting

The two major basis of accounting are: 1) the cash-basis and 2) the accrual-basis. Generally Accepted Accounting Principles (GAAP) requires the use of the accrual-basis. Explain why the accrual-basis is a better choice than the cashbasis for the GAAP requirement.

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