How accrual accounting differs from cash basis accounting

Reference no: EM131148665

Explain how accrual accounting differs from cash-basis accounting;

adjust the account:-

An accountant made the following adjustments at December 31, the end of the accounting period:

a. Prepaid insurance, beginning, $400. Payments for insurance during the period, $1,200. Prepaid insurance, ending, $700.

Reference no: EM131148665

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