Cash and accrual accounting

Reference no: EM1355475

What is the difference between cash and accrual accounting? Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why? Which method does the IRS prefer? Is it legal for an organization to keep two sets of accounting records? Why or why not? Please make sure if part of this question is answered.

Reference no: EM1355475

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